Schneider: announces results of buyback of OCEANE bonds

(CercleFinance.com) - Schneider Electric announces the reference price and initial conversion/exchange ratio of its bonds convertible into and/or exchangeable for new and/or existing shares (OCEANEs) due 2031, and the results of the buyback of its OCEANEs, due 2026.


Following the success of its issue of senior unsecured bonds convertible into new shares and/or exchangeable for existing shares of the Company (OCEANEs) due 2031, Schneider Electric announces that the reference share price of the New Bonds is set at E226.2295, representing the volume-weighted average price (VWAP) of Schneider Electric shares recorded on Euronext Paris between the opening and closing of this day.

Upon exercise of their right to convert or exchange the Bonds for new and/or existing shares, Bondholders will receive, at the Company's option, new and/or existing shares in the Company carrying in all cases all the rights attached to the existing Shares from the date of delivery.

The Company has collected, through a reverse order book procedure, indications of interest from holders of outstanding OCEANEs due 2026 to sell 2,307,877 OCEANEs 2026, representing an aggregate principal amount of approximately E407.2m, i.e. about 97% of the outstanding OCEANEs 2026.

The final repurchase price was set at E230.81 per OCEANE 2026, representing a total consideration of approximately E532.7m. The OCEANEs 2026 accepted in connection with the Buyback will be cancelled in accordance with their terms.

Settlement of the Buyback is conditional upon settlement of the New Bonds and is expected to take place on 1 July 2024. Following settlement of the Buyback, the principal amount of the remaining outstanding 2026 OCEANEs will be E12,476,072.40.


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