Power & Automation Group ABB Close $2.5-billion Bond Offer

Press Release
Thursday, May 10, 2012

ABB announce its subsidiary, ABB Finance (USA) has already successfully closed the bond offering it recently launched

Details of the bond offering are as follows:

The bonds, which are registered with the U.S. Securities and Exchange Commission, are guaranteed by ABB Ltd and consist of three series with maturities of 5, 10 and 30 years:

  • $500,000,000 1.625% notes due 2017
  • 
$1,250,000,000 2.875% notes due 2022
  • 
$750,000,000 4.375% notes due 2042

This constitutes the largest-ever bond offering completed by ABB. The net proceeds of the issue will be used for general corporate purposes, including the previously-announced acquisition of Thomas & Betts Corporation.

As a result of this offering, ABB has cancelled the $4 billion credit agreement it had entered into in connection with the Thomas & Betts acquisition.

”We’re extremely pleased with the positive response to our offering,” said Michel Demaré, ABB’s Chief Financial Officer. “This transaction further extends the maturity of our long-term debt and gives us additional financial strength and flexibility at some of the lowest rates ever achieved in the U.S. credit market.”

As announced on April 25, 2012, ABB Ltd has also extended a guarantee to the $600,000,000 aggregate principal amount of 2.50% notes due 2016 and $650,000,000 aggregate principal amount of 4.00% notes due 2021 issued by ABB Treasury Center (USA) Inc. in June of last year to provide comparable credit support to its other outstanding U.S. bonds.

ABB is a leader in power and automation technologies that enable utility and industry customers to improve performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs about 135,000 people.
 

 

Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

China's Air Drills Roil South China Sea Waters

China's air force conducted its first drill above the western Pacific Ocean on Monday, the Defence Ministry said, in a move that could exacerbate tensions with

Amid Yemen Chaos, China Lifts More Oil

China has managed to export a large shipment of crude oil from Yemen over the weekend, ship-tracking data showed on Monday, despite mounting chaos in the country

CMA CGM to Add Ships, Pursue More Economies

CMA CGM, the world's third-largest container shipper, announced on Monday plans to order three giant vessels and said higher volumes and profit last year showed

Marine Propulsion

Shipbuilding First: Strategic Delivers StratCat to Njord Offshore

Strategic Marine delivered a world’s first to European windfarm service sector operator, Njord Offshore.  This vessel builds on the success of the first eight

Rolls-Royce Propulsion Package for Polar Ship

Rolls-Royce has been awarded a contract by ship builder Fincantieri to supply a fully integrated propulsion system for Norway’s new Polar Research Vessel, which

Schmiedag and Wildauer Schmiedewerke: 'We Forge Partnerships'

Olaf Wiertz, Sales Director at Schmiedag GmbH (SDG) and Wildauer Schmiedewerke GmbH & Co. KG (WSW) said: “We are more than just a supplier to our customers – we are their partner.

Finance

CMA CGM to Add Ships, Pursue More Economies

CMA CGM, the world's third-largest container shipper, announced on Monday plans to order three giant vessels and said higher volumes and profit last year showed

Reopening Date of Libya Oil Ports Uncertain

It is too early to say when Libyan oil ports Es Sider and Ras Lanuf can reopen after a force loyal to a self-declared Tripoli government pulled out troops from frontlines near to the terminals,

Poland's LNG Terminal - Unfinished Agenda for Saipem

Poland's liquefied natural gas (LNG) terminal at the Baltic port of Świnoujście will be completed only if Italian firm Saipem receives further payment, reports Reuters.

 
 
Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1250 sec (8 req/sec)