STMicro: convertible bond issue
(CercleFinance.com) - STMicroelectronics announces the launch of a 1.
5 billion dollar senior unsecured bond issue convertible into new or existing ordinary shares.
These new bonds will comprise two tranches (with a minimum size of 500 million dollars for each) with maturities of five and seven years respectively. The proceeds from the offering will be used for the Semiconductor group's general corporate purposes.
STMicroelectronics says that these proceeds will, inter alia, be used for the early repayment of the 750 million dollar zero-coupon convertible bonds currently outstanding and maturing in 2022.
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