Michelin prices 2009 euro bond buyback -bank

Newswire

LONDON, May 19 (Reuters) - Tyre maker Michelin on Thursday priced a tender to buy back its 1.0 billion euro ($1.27 billion) 6.125 percent bond due April 2009, the bank managing the buyback said. HSBC said the Michelin tender was priced at 111.115 percent plus accrued interest. In total, 479.8 million euros of bonds were tendered, the bank said. The spread on the tender was set at 52 basis points over Bunds on May 11. The bond was issued via subsidiary Michelin Luxembourg SCS. The ...

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