Intelligence Feed event · Equity · 2026-10-07

    Elis Completes 99.13% Conversion of €380M 2029 OCEANEs Issuing 5.5M New Shares

    Question

    Elis Completes 99.13% Conversion of €380M 2029 OCEANEs Issuing 5.5M New Shares

    Direct answer

    European multiservice provider Elis announced the final results of its convertible bond conversion window for its €380 million 2.25% OCEANEs maturing in 2029. Holders tendered 3,767 out of 3,800 bonds, representing a 99.13% participation rate. To satisfy the conversion requests, Elis delivered 23,569,556 shares. The structure heavily relied on existing treasury reserves, deploying 18.1 million treasury shares alongside 5.5 million newly created shares to minimize net EPS dilution. The transaction effectively deleverages Elis's balance sheet ahead of schedule, removing interest carrying costs while resolving the convertible bond overhang.

    Original publisher
    Market Ontology
    Evidence through
    2026-10-07
    Published
    2026-10-20
    Revision
    1 · 2026-10-20

    Cite as: Market Ontology, “Elis Completes 99.13% Conversion of €380M 2029 OCEANEs Issuing 5.5M New Shares”, revision 1, evidence through 2026-10-07. https://marketontology.com/market-events/2026-10-07/elis-completes-99-13-conversion-of-380m-2029-oceanes-issuing-5-5m-new-shares-3cb27a

    EQUITY
    Elis Completes 99.13% Conversion of €380M 2029 OCEANEs Issuing 5.5M New Shares
    European multiservice provider Elis announced the final results of its convertible bond conversion window for its €380 million 2.25% OCEANEs maturing in 2029. Holders tendered 3,767 out of 3,800 bonds, representing a 99.13% participation rate. To satisfy the conversion requests, Elis delivered 23,569,556 shares. The structure heavily relied on existing treasury reserves, deploying 18.1 million treasury shares alongside 5.5 million newly created shares to minimize net EPS dilution. The transaction effectively deleverages Elis's balance sheet ahead of schedule, removing interest carrying costs while resolving the convertible bond overhang.
    ELSYY
    Impact
    63
    OCT 7
    SIG
    92%
    ELSYY
    Elis Completes 99.13% Conversion of €380M 2029 OCEANEs Issuing 5.5M New Shares
    European multiservice provider Elis announced the final results of its convertible bond conversion window for its €380 million 2.25% OCEANEs maturing in 2029. Holders tendered 3,767 out of 3,800 bonds, representing a 99.13% participation rate. To satisfy the conversion requests, Elis delivered 23,569,556 shares. The structure heavily relied on existing treasury reserves, deploying 18.1 million treasury shares alongside 5.5 million newly created shares to minimize net EPS dilution. The transaction effectively deleverages Elis's balance sheet ahead of schedule, removing interest carrying costs while resolving the convertible bond overhang.
    → Eliminating €376.7M in debt extinguishes €8.5M in annual coupon expense while introducing 5.5M new dilutive shares into Elis's equity float.
    Impact
    European multiservice provider Elis announced the final results of its convertible bond conversion window for its €380 million 2.25% OCEANEs maturing in 2029. Holders tendered 3,767 out of 3,800 bonds, representing a 99.13% participation rate. To satisfy the conversion requests, Elis delivered 23,569,556 shares. The structure heavily relied on existing treasury reserves, deploying 18.1 million treasury shares alongside 5.5 million newly created shares to minimize net EPS dilution. The transaction effectively deleverages Elis's balance sheet ahead of schedule, removing interest carrying costs while resolving the convertible bond overhang.
    Affected
    ELSYY
    Transmission
    Eliminating €376.7M in debt extinguishes €8.5M in annual coupon expense while introducing 5.5M new dilutive shares into Elis's equity float.

    How this development reaches the affected companies

    AssetExposure and channelDirectionEvidence
    ELSYYdebt extinguishment and interest expense reductionUp1-4wElis converted 99.13% of €380M OCEANEs, issuing only 5.5M new shares alongside treasury stock.

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    What happened next

    Price follow-up pending — no stored daily closes for these assets yet.

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