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ABB Finance gives final results in tender for notes due 2028, 2042
By Taylor Fox
New York, Nov. 2 – ABB Finance (USA) Inc. announced the expiration and final results of 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 news release.
As of the 5 p.m. ET on Oct. 30 offer expiration, $366,827,000 of the $750 million in 2028 notes has been tendered, with another $1,076,000 using guaranteed delivery procedures, and $104,491,000 of the $750 million 2042 notes had been tendered, with another $250,000 using guaranteed delivery procedures.
ABB Finance plans to accept for payment all notes validly tendered.
As previously reported, 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, plus interest.
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, plus 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 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) are the dealer managers.
ABB is a Zurich-based power and automation technology company.
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