ABB's Thomas & Betts subsidiary Commences Consent Solicitation for its 5.625% Senior Unsecured Notes due 2021
ABB (NYSE: ABB) announced today that Thomas & Betts Corporation, an ABB subsidiary, has commenced a consent solicitation to ask the holders of its $250 million 5.625% senior unsecured bonds due 2021 for their consent to change certain terms of the bonds.
The proposed amendments relate to changing certain reporting obligations and to increasing flexibility for the Thomas & Betts integration into the ABB Group. Holders of more than 50 percent of the outstanding bonds will need to agree to the amendments in order for them to be implemented.
Subject to receiving the necessary consents and other conditions, ABB has agreed to pay each consenting holder an amount in cash equal to $1.25 per $1,000 principal amount of bonds.
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