Essilor Announces Bond Issue of 248 Million Euros

Essilor, the leading French company in the ophthalmology sector, this morning announced the issue of convertible bonds for 248 million euros, which could become 295 if there is a green-shoe option (on the basis of which the intermediaries responsible for placement can exercise the option to obtain additional shares from the issuer at the offer price within a certain time limit, usually one month from the end of the first listing).

This operation will allow Essilor to diversify its sources of financing, reduce indebtedness, finance ongoing operations, and strengthen any other external growth operations. The president of the Group, Xavier Fontanet, aims to maintain induced activities at a reasonable 15-20% of the net situation compared to 13% in 2002.