sur SCHNEIDER ELECTRIC (EPA:SU)
Schneider Electric Announces Reference Share Price and Conversion Ratio for 2031 OCEANEs
Schneider Electric has unveiled the reference share price and initial conversion/exchange ratio for its new bonds, known as OCEANEs, due in 2031. The reference share price is set at €226.2295, based on the volume-weighted average price on Euronext Paris. The conversion ratio is set at 321.4756 shares per bond, factoring in anti-dilution and dividend protections.
Additionally, Schneider Electric has successfully repurchased 97% of its outstanding OCEANEs due 2026. The final repurchase price was €230.81 per bond, amounting to approximately €532.7 million.
The settlement for the repurchase is conditional upon the settlement of the new bonds, expected on 1 July 2024. Following this, only €12,476,072.40 of the 2026 OCEANEs will remain outstanding.
The potential dilution from the new €750 million bond issuance is estimated at around 0.42% of the company's share capital, while the repurchase avoids approximately 0.41% dilution.
R. H.
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