ABB Ltd
31 May 2006
ABB successfully completes exchange offers
New €700-million 4.625-percent bond matures in 2013
Zurich, Switzerland, May 31, 2006 - ABB, the leading power and automation
technology group, has successfully completed its debt exchange offers, which
were announced on May 16.
Holders of €423 million of the €500 million 2008 bonds and £180 million of the
£200 million 2009 bonds agreed to exchange their holdings into new 7-year
Euro-denominated bonds to be issued by ABB International Finance Ltd. This
represents an aggregate acceptance rate of 87 percent across the two target
bonds.
'We are delighted with our bondholders' response to this offer,' said Michel
Demare, ABB's chief financial officer. 'The high level of participation is
further evidence of investors' confidence in ABB.'
The transaction extends the average maturity of ABB's outstanding bonds without
increasing the company's gross debt. Further details on the transaction are
available at www.ABBbondexchange.com.
Barclays Bank PLC, Citigroup Global Markets Limited and Credit Suisse Securities
(Europe) Limited were acting as Dealer Managers for the offer. Acting as
Co-Dealer Managers were HSBC France, Nordea Bank Danmark A/S and Skandinaviska
Enskilda Banken AB (publ).
ABB (www.abb.com) 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 105,000 people.
________________
Dealer Managers
Barclays Bank PLC Citigroup Global Markets Credit Suisse Securities
Limited (Europe) Limited
Contact: Liability Contact: Liability Contact: Liability Management
Management Group Management Group Group
Telephone: +44 20 7773 Telephone: +44 20 7986 Telephone: +44 20 7883 6748
8575 8969
This information is provided by RNS
The company news service from the London Stock Exchange
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