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BRIEF-STMicroelectronics prices a US$1.5 billion dual-tranche offering of new convertible bonds
June 22, 2017 / 4:33 PM / 3 months ago

BRIEF-STMicroelectronics prices a US$1.5 billion dual-tranche offering of new convertible bonds

June 22 (Reuters) - STMicroelectronics:

* STMICROELECTRONICS PRICES A US$1.5 BILLION DUAL-TRANCHE OFFERING OF NEW CONVERTIBLE BONDS

* NEW CONVERTIBLE BONDS TO BE ISSUED IN TWO TRANCHES, ONE OF US$750 MILLION WITH MATURITY OF 5 YRS AND ONE OF US$750 MILLION WITH MATURITY OF 7 YRS

* EARLY REDEMPTION OF OUTSTANDING US$600 MILLION ZERO COUPON CONVERTIBLE BONDS DUE 2019

* FUTURE REDEMPTION OF OUTSTANDING US$400 MILLION 1.00 PER CENT. CONVERTIBLE BONDS DUE 2021

* LAUNCH OF A SHARE BUY-BACK PROGRAMME OF UP TO 19 MILLION SHARES FOR AN AMOUNT UP TO US$297 MILLION

* INITIAL CONVERSION PRICES HAVE BEEN SET, FOR EACH OF 5-YEAR MATURITY AND 7-YEAR MATURITY NEW CONVERTIBLE BONDS, AT US$20.54

* SETTLEMENT OF NEW CONVERTIBLE BONDS IS EXPECTED TO TAKE PLACE ON OR ABOUT 3 JULY 2017 Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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