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Second convertible bond refinancing this week

Consultancy Capgemini has become the second European company this week to use the convertible bond market to improve its debt position as bankers predict a wave of new issues and restructuring activity.

The company launched a €500m ($662m) convertible bond offering due in 2014 yesterday to refinance its existing €460m convertible bond due in January 2010, in order to extend the maturity of its debt by four years.

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