STMicroelectronics gives notice of early redemption of its US$400 Million 1.00% Convertible Bonds due 2021
October 11 2017 - 06:00AM
Amsterdam,
October 11, 2017 -- STMicroelectronics N.V. (the "Company"
or "STMicroelectronics") announces that, in accordance with the
terms and conditions (the "Conditions") of its US$400,000,000 1.00
per cent. convertible bonds due 2021 (ISIN: XS1083957024, the
"Bonds"), it has exercised its option under Condition 7(b) of the
Bonds to redeem all outstanding Bonds on November 10, 2017 (the
Optional Redemption Date referred to in the Conditions) at their
principal amount, together with accrued but unpaid interest up to,
but excluding, that date.
The Company is entitled to
exercise this option under Condition 7(b)(iii) as Conversion Rights
have been exercised, and/or purchases (and corresponding
cancellations) and/or redemptions have been effected in respect of
more than 85 per cent of the principal amount of the Bonds
originally issued. Following such redemption, the Bonds will be
cancelled and there will be no Bonds due 2021 outstanding.
As an alternative to the
redemption of the Bonds, each Bondholder may exercise its
Conversion Rights to convert its Bonds into Shares, cash or a
combination of Shares and cash by reference to the prevailing
conversion price, currently US$12.3622 per Share, in accordance
with Condition 6(a) of the Bonds. In order for any such exercise of
Conversion Rights to be valid, the Conversion Date in respect of
such exercise must fall on or before October 26, 2017.
As of October 10, 2017, the
aggregate principal amount of Bonds outstanding (as defined in the
Trust Deed) was US$59.6 million and the closing price of the Shares
on the Mercato Telematico Azionario was
€16.65.
A copy of the Optional Redemption
Notice is available on the Company's website
www.st.com.
Capitalised terms used but not
defined in this notice have the same meaning in the Conditions of
the Bonds.
About
STMicroelectronics
STMicroelectronics is a global
semiconductor leader delivering intelligent and energy-efficient
products and solutions that power the electronics at the heart of
everyday life. STMicroelectronics' products are found everywhere
today, and together with our customers, we are enabling smarter
driving and smarter factories, cities and homes, along with the
next generation of mobile and Internet of Things devices. By
getting more from technology to get more from life,
STMicroelectronics stands for life.augmented.
In 2016, the Company's net revenues were US$6.97
billion, serving more than 100,000 customers worldwide.
Inside
information
This press release relates to the disclosure of
information that qualified, or may have qualified, as inside
information within the meaning of Article 7(1) of the EU Market
Abuse Regulations.
For further information, please contact:
INVESTOR
RELATIONS
Tait
Sorensen
Group VP, Investor Relations
Tel: +1 602 485 2064
tait.sorensen@st.com
MEDIA RELATIONS
Alexis
Breton
Director, PR & Media Operations
Tel: + 33 6 59 16 79 08
alexis.breton@st.com
11oct17_ST PR
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: STMicroelectronics via Globenewswire
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