Schneider Electric successfully prices 2034 OCEANE bond issue
Schneider Electric has announced the successful placement of senior unsecured bonds convertible into new shares and/or exchangeable for existing shares (OCEANEs) due 2034. The offering, conducted via a private placement to qualified investors only, reached a total nominal amount of EUR 850 million.
This issuance is a key component of the industrial group's global financing strategy, allowing it to refinance its 2030 OCEANEs under more attractive terms, notably featuring a higher conversion price and a lower coupon.
The net proceeds will be used to fund the repurchase of the outstanding OCEANEs due November 27, 2030, which were issued on November 27, 2023. Schneider Electric is expected to announce the final terms of this buyback shortly.
Any remaining net proceeds will be allocated toward general corporate purposes. Settlement and delivery of the 2034 OCEANEs are scheduled for June 11. The conversion/exchange premium has been set at 35% above the reference share price.
Schneider Electric SE leads the Digital Transformation of Energy Management and Automation in Homes, Buildings, Data Centers, Infrastructures and Industries.
With a presence in more than 100 countries, Schneider Electric SE is the undisputed leader in power management - medium voltage, low voltage and secure energy, and automation systems. The company provides integrated efficiency solutions that combine energy management, automation and software.
The ecosystem it has built allows it to collaborate on its open platform with a large community of partners, integrators and developers to offer its customers both control and operational efficiency in real time.
Net sales are distributed geographically as follows: France (5.6%), Western Europe (17.7%), the United States (34.4%), North America (4%), China (11.5%), Asia/Pacific (14.6%) and other (12.2%).
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