VINCI - 2005 annual report

The main features of these bonds are as follows:
OCEANE bond issue, July 2001 OCEANE bond issue, April 2002
Amount €517,500,000 €500,250,060
Number of bonds 5,750,000 5,558,334
Nominal value per bond €90 €90
Maturity 1 January 2007 1 January 2018
Annual coupon 1% 2%
Gross annual actuarial yield 4.35% 3.875%
Conversion date and rate at any time, 2 shares for 1 bond at any time, 2 shares for 1 bond
Redemption price at maturity €108.12 giving a premium of 20.13% €125.46 giving a premium of 39.4%
Early redemption at VINCI’s discretion
(issuer’s call)
actuarial rate of 4.35%.
Early redemption at holders’ discretion n/a
(investors’ puts)
The early redemption price when VINCI exercised its issuer’s call was
€105.76 for the 2007 OCEANE and €98.32 for the 2018 OCEANE, which
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VINCI 2005 ANNUAL REPORT
possible from 1 January 2005, if the stock
price exceeds 130% of the average early redemption
price during 20 of 40 consecutive
trading days, ensuring that bondholders
receive the equivalent of the actuarial yield
they would have received at maturity, i.e. an
possible from 1 January 2006, if the stock
price exceeds 125% of the average early redemption
price during 20 of 40 consecutive
trading days, ensuring that bondholders
receive the equivalent of the actuarial
yield they would have received at maturity,
i.e. an actuarial rate of 3.875%.
On 2 May 2006, 2 May 2010 and 2 May
2014 at the contractual redemption price
should be compared with an average price of the VINCI share in the last
half year of €68.9 (€133.8 per bond).