Invensys tenders for 9 7/8% dollar-denominated notes, will pay up to $188 million

By Laura Lutz

Des Moines, Oct. 11 - Invensys plc announced the launch of a tender offer for some of its dollar-denominated 9 7/8% notes due 2011.

The company will pay up to an aggregate of $188 million in the offer. If the aggregate purchase price of tendered notes would be more than $188 million, the company will accept offers on a pro rata basis.

For each $1,000 principal amount of notes, the company will pay an amount equal to the present value on the settlement date of all future cash flows of the notes to the earliest redemption date, March 15, 2008, assuming that the notes will be redeemed at $1,049.38, minus accrued interest up to but excluding the settlement date.

The total payment will reflect the yield on the 4 5/8% U.S. Treasury due March 31, 2008, calculated at 10 a.m. ET on Oct. 25, plus 125 basis points.

The payout will include a $30 early tender payment for notes tendered by 5 p.m. ET on Oct. 25.

Notes tendered after the early tender deadline will receive the same amount, less $30.

The offer will expire at 9 a.m. ET on Nov. 9.

Noteholders who submit tenders before the early tender deadline will not be able to withdraw them after that deadline.

Deutsche Bank AG, London Branch (+44 20 7545 8011 and +44 20 7547 5000) is the dealer manager and tender agent for the offer. Deutsche Bank Trust Co. Americas, DB Services Tennessee, Inc. (800 735-7777) is the depositary agent. D.F. King & Co., Inc. (800 859-8511 or collect 212 269-5550) is the information agent.

Invensys is a London-based automation, controls and process services company.

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