STMicroelectronics To Offer $1 Bln Convertible Bonds; To Buy Back Shares

(RTTNews) - STMicroelectronics NV (STM) Thursday announced an offering of $1 billion senior unsecured bonds convertible into new or existing ordinary shares of STMicroelectronics , and a share buy-back program, aimed to meet its obligations in relation to its employee stock award plans.

The Bonds will be issued in two tranches, with a maturity of 5 years and 7 years, respectively. The company will use the proceeds from the issuance of the Bonds, for general corporate purposes. The final settlement is expected to take place on or about July 3, 2014.

The company said that application will be made for the bonds to be admitted to trading on the Open Market of the Frankfurt Stock Exchange.

J.P. Morgan and BNP PARIBAS are acting as Global Coordinators and Banca IMI, Morgan Stanley, Société Générale Corporate & Investment Banking and UniCredit are acting as Joint Bookrunners in respect of the offering.