Danone To Buy Back Up To $1.86 Bln In Bonds
PARIS (AP) Danone SA, the bottled water and dairy goods producer, on Monday launched a cash offer to buy back up to euro1.25 billion ($1.86 billion) of its bonds to cut interest charges and lower debt.
The Paris-based company said the offer is scheduled to run from Monday to Nov. 24. "The proposed transaction will enable Danone to reduce its gross debt, optimize its debt structure and lower its average cost of debt from 2010 onwards," the company said in a statement. As of June 30, Danone had about euro7 billion in net debt. Servicing this debt cost euro170 million in the first half of 2009, the company said.- Loading Comments...
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