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 November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

WSC CEO Koch to Retire in 2015

Chris Koch, current president and CEO of the World Shipping Council (WSC), will retire from his position on July 31, 2015, and WSC Senior Vice-President and General Counsel,

Cecon Secures Finances to Complete Newbuild

Cecon ASA has petitioned for a debt restructuring agreement (in Norwegian: gjeldsforhandling). Certain funds managed by York Capital Management Global Advisors,

HII Board of Directors Elects Two VPs

Huntington Ingalls Industries’ (HII) board of directors has elected Kellye Walker to serve as corporate vice president and general counsel and Charles R. “Chuck” Monroe Jr.

Marine Propulsion

Multraship Buys Three More Tugboats from Damen

Multraship and Damen Shipyards Group agreed on three new ASD (Azimuth Stern Drive) Tugs, all for delivery to Multraship in 2015. After delivery in Vietnam, scheduled

Waterjet-propelled Crewboat Delivered to Petrobras

BS Camburi, a 36-meter Monohull Crewboat built in Brazil by Arpoador Engenharia to the Petrobras type P2 specification has been launched and delivered.   Designed by Incat Crowther,

PIRIOU Delivers 53-meter FSIV

French boat builder PIRIOU has delivered the 11th of its 53- by 10-meter Fast Supply and Intervention Vessels (FSIV) to Suisse Outremer AG, to be operated by ABC Maritime AG.

Finance

Cecon Secures Finances to Complete Newbuild

Cecon ASA has petitioned for a debt restructuring agreement (in Norwegian: gjeldsforhandling). Certain funds managed by York Capital Management Global Advisors,

Libyan State Oil Firm NOC Will Remain Independent

Libya's Tripoli-based state firm National Oil Corp (NOC) will remain independent, it said on Thursday, in an apparent attempt to reassure foreign oil buyers it will stay out of the country's conflict.

Oil Prices Retreat from Short-covering Rebound

Global crude prices fell more than $1 a barrel on Thursday, retreating from a short-covering charged rally as traders bet the market had not shaken off a six-month long rout on oversupply concerns.

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction
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: 0.1427 sec (7 req/sec)