| |
ABB BONDHOLDERS PASS RESOLUTIONS TO PERMIT REPURCHASES
09 September 2005 - ABB (Power Technologies)
| ABB, the leading power and automation technology group, said bondholders earlier today approved resolutions which give the company the option to redeem outstanding instruments of its Euro 300 million, 5.375 percent bonds due in 2005 and Euro 475 million, 5.125 percent bonds due in 2006. |
ABB, the leading power and automation technology group, said bondholders earlier today approved resolutions which give the company the option to redeem outstanding instruments of its Euro 300 million, 5.375 percent bonds due in 2005 and Euro 475 million, 5.125 percent bonds due in 2006. The prices will be calculated on the same terms as the tender offers announced on 29 July 2004. Both bonds were issued by ABB International Finance Limited.
Peter Voser, ABB's chief financial officer, said: 'The completion of this bond repurchase will reduce ABB's debt by approximately $800 million and is part of ABB's strategy to cut gross debt to $4 billion by the end of 2005.' Prior to the bondholders' meetings, 57 percent (Euro 156,591,000) of the principal amount outstanding of 2005 bonds and 59 percent (Euro 215,200,000) of the principal amount outstanding of 2006 bonds had been validly tendered and accepted under the tender offers, for which pricing and settlement dates are scheduled for 10 and 14 September 2004 respectively. ABB intends to exercise its options to redeem early all of the remaining outstanding 2005 and 2006 bonds. The redemption date is expected to be 29 September 2004, with the calculation of the relevant redemption amounts scheduled for 27 September 2004. Further information can be found by contacting ABB or the dealer managers. A notice will also be published in the Luxemburger Wort on 14 September 2004. Mandated dealer managers for the transaction are Barclays Capital, Commerzbank Securities and Dresdner Kleinwort Wasserstein.
http://abb.com/uk
About: ABB (Power Technologies)
ABB is a leader in power and automation technologies that enable utility and industry customers to improve performance while lowering environmental impacts. ABB in the UK operates from more than 20 locations nationally and employs around 2,500 people. The ABB Group of companies operates in around 100 countries and employs about 105,000 people.Power Technologies
The Power Technologies division serves industrial and commercial customers, as well as electric, gas and water utilities, with a broad range of products, services and solutions for power transmission and distribution. The portfolio includes transformers, switchgear, breakers, capacitors and cables, as well as high- and medium-voltage applications, many of which are also sold through external channel partners like distributors, system integrators, contractors and original equipment manufacturers. Automation Technologies
The Automation Technologies division serves the automotive, building, chemicals, consumer, electronics, life sciences, manufacturing, marine, metals, minerals, paper, petroleum, transportation, turbocharging and utility industries. Key technologies include control, drives, enterprise software, instrumentation, low-voltage products, motors, robots and turbochargers. These offerings are supported by field maintenance and asset management services, and are sold both directly and through channel partners.
|
More News:
• For September 2005
• From ABB (Power Technologies)
• For Generators
|
