|
|
 |
|
Viewing report
|
|
|
|
BULLETIN: ABB Ltd. Announces Convertible Bond Issue Aug 03
Standard & Poors, Aug 2003
Abstract
NEW YORK (Standard & Poor's) Aug. 28, 2003--Standard & Poor's Ratings Services said today that the CHF850 million ($600 million) convertible bond offering launched by ABB Ltd.'s (ABB; BB+/Negative/B) subsidiary ABB International Finance Limited will improve ABB's debt maturity profile. The bonds, which are convertible into ABB Ltd shares, will mature in 2010; the issue volume can be increased to a maximum of CHF1 billion. The transaction is expected to close around September 10, 2003. While ABB needs to use proceeds in excess of $500 million from the convertible bond issue to reduce the debt outstanding under the amended terms of its $1.5 billion, 364-day revolving credit facility, the remaining amount is expected to be used to repay short-term debt...
Companies mentioned in this report are: ABB Ltd.
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
|
|
|
|
