| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers A > Headlines for ABB Ltd. > News item |
ABB Finance gives tender consideration on notes due 2028, 2042
By Taylor Fox
New York, Oct. 30 – ABB Finance (USA) Inc. announced the total consideration for its cash tender offer for any and all outstanding 3.8% notes due 2028 (Cusip: 00037BAF9) and 4.375% notes due 2042 (Cusip: 00037BAC6) guaranteed by parent company ABB Ltd., according to a 6-K filing with the Securities and Exchange Commission.
The total consideration for each $1,000 of notes tendered at or prior to 5 p.m. ET Oct. 30, the expiration time, was calculated at 10 a.m. ET Oct. 30.
The total consideration for the 2028 notes is $1,193.72 per $1,000 of notes, as calculated using the 0.625% U.S. Treasury due Aug. 15, 2030 and a fixed spread of 15 basis points.
The total consideration for the 2042 notes is $1,325.34 per $1,000 of notes, calculated using the 1.25% U.S. Treasury due May 15, 2050 and a fixed spread of 80 bps.
Holders whose notes are accepted for purchase will also be paid interest.
As previously reported, $750 million of the 2028 notes and $750 million of the 2042 notes are outstanding.
The purpose of the offer is to manage ABB’s debt portfolio, reduce its future interest expense and provide liquidity to holders.
The offer will expire at 5 p.m. ET Oct. 30.
The results of the offer are expected to be announced on Nov. 2.
The settlement date is expected for Nov. 4.
D.F. King & Co. (212 269-5550, 800 317-8033; abb@dfking.com) is the tender agent and information agent for the offer.
Merrill Lynch International (+44 20 7996 5420, 888 292-0070, 980 387-3907; dg.lm-emea@bofa.com) and HSBC Bank plc (+44 20 7992 6237, 212 525-5552; liability.management@hsbcib.com) is the dealer manager.
ABB is a Zurich-based power and automation technology company.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.