Rueil-Malmaison (France), July 9, 2010 - Schneider Electric today announced the launch of two bond issues for a total of €800 million and the partial buy-back of its July 2013 bond.
The intent of these transactions is to refinance part of the Group's debt, notably the upcoming €900 million bond maturing in August, and to extend the average debt duration. The partial buy-back of the July 2013 bond will also lead to a reduction of the cost of financing from 2011 onwards.
- The first issue is a €300 million bond maturing in July 2016, which was priced at mid-swap +73bp, leading to a fixed coupon of 2.875%.
- The second issue is a €500 million bond maturing in July 2020, which was priced at mid-swap +88bp, leading to a fixed coupon of 3.625%
- Schneider Electric is also launching an offer for the partial buy-back of its bond maturing July 2013, which bears a fixed coupon of 6.75%. The offer period lasts until July 16, 2010. A one-off financial charge related to this buy-back will be recorded in the second half of 2010.
The bond issues, made as part of Schneider Electric EMTN program, were significantly oversubscribed with total orders amounting to about € 3.8 billion.
About Schneider Electric
As a global specialist in energy management with operations in more than 100 countries, Schneider Electric offers integrated solutions across multiple market segments, including leadership positions in energy and infrastructure, industrial processes, building automation, and data centres/networks, as well as a broad presence in residential applications. Focused on making energy safe, reliable, and efficient, the company's 100,000 plus employees achieved sales of 15.8 billion euros in 2009, through an active commitment to help individuals and organizations “Make the most of their energy”.