STMicroelectronics gives notice of early redemption of its US$400 Million 1.00% Convertible Bonds due 2021
October 11 2017 - 6:01AM
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 RELATIONSAlexis
Breton
Director, PR & Media Operations Tel: + 33 6 59 16 79 08
alexis.breton@st.com
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