STMicroelectronics to call $600 million of 0% convertibles due 2019

By Susanna Moon

Chicago, June 22 – STMicroelectronics NV said it plans to redeem its $600 million zero-coupon convertible bonds due 2019.

The convertibles will be redeemed at par on July 24, with the call planned for Thursday, according to a company notice.

The notes are convertible at a conversion price of $12.1275 per share.

The company’s stock (NYSE: STM) closed at $15.35 on Wednesday.

The company said it also plans a two-tranche $1.5 billion offering of senior convertible bonds, with proceeds slated for the redemption of the 2019 convertibles as well as the future redemption of $400 million outstanding 1% convertible notes due 2021.

STMicroelectronics is an Amsterdam-based semiconductor manufacturing company.

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