Determination of the final issue price of the USD 100 million non-dilutive cash-settled convertible bonds due 2022
In connection with the issue by Michelin of USD 100 million non-dilutive cash-settled convertible bonds due 2022 (the “Bonds”) (ISIN: FR0013254042 until the date which is expected to be not less than 40 days after the issue date of the Bonds (the “Assimilation Date”) and FR0013230745 afterwards) to be, from the Assimilation Date, fully fungible with and assimilated to the USD 500 million non-dilutive cash-settled convertible bonds due 2022 issued by Michelin on 10 January 2017, Michelin hereby notifies the holders of the Bonds of the following determinations and calculations:
- the Additional Issue Share Reference Price for the Bonds is €119.0653;
- the reference FX rate (FX) (being the EUR/USD spot rate on May 2, 2017) is €1 = USD1.09110; and
- the Final TAP Price is USD 207,703.22 per Bond.
The price of the cash-settled call options purchased by Michelin to hedge its exposure to pay cash amounts upon any potential exercise of conversion rights embedded in the New Bonds will be adjusted for an equal amount.