Schneider Electric shortens tender offer for Telvent convertible notes

By E. Janene Geiss

Philadelphia, Aug. 25 - Schneider Electric SA announced that its wholly owned subsidiary, Schneider Electric Espana, SAU, has shortened its previously announced tender offer for the $200 million of outstanding 5.5% senior subordinated convertible notes due 2015 issued by Telvent GIT, SA. The offer will now expire at 5 p.m. ET on Aug. 30.

The offer had previously been scheduled to expire on Sept. 13.

The note tender offer is being conducted concurrently with a separate cash tender offer by Schneider Electric Espana for all of Telvent's issued shares. The note offer is conditioned upon the tender of more than 50% of Telvent's shares.

As of the close of business on Aug. 23, 32,679,708 of the shares were tendered. The number of tendered shares represents about 96% of the total number of shares issued as of May 31.

The expiration date of the share offer also was amended to 5 p.m. ET on Aug. 30.

If the effective date occurs on Aug. 30, the purchase price for the notes will be $1,312.77 per $1,000 principal amount. The company said it expects the notes to settle on Sept. 1.

Regulatory approvals and clearances have been granted, with the exception of the approval of the competition authority of the Republic of Serbia. The company was told that the authority has concluded its review and intends to clear the tender offer prior to 5 p.m. on Aug. 30.

Santander Investment Securities Inc. (212 407-0976) is the dealer manager for the offer, Bank of New York Mellon is the depositary, and D.F. King & Co., Inc. (866 952-2200) is the information agent.

Schneider is an energy management company based in Rueil-Malmaison, France. Telvent is an information technology company based in Madrid.

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