ABB buys back CHF392 million 3¾% bonds due 2009

By Jennifer Chiou

New York, Oct. 5 - ABB Ltd. said it repurchased CHF392 million of its CHF500 million 3¾% bonds due 2009.

"These transactions are in line with our financial strategy to reduce on- and off-balance sheet obligations and lower financing costs, so long as such measures make economic sense for ABB," chief financial officer Michel Demare said in a news release.

The repurchased bonds were canceled on Oct. 4.

Zurich-based ABB provides power and automation technologies for utility and industry customers.

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