ZURICH, May 21, 2012 /PRNewswire/ -- 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.
The consent solicitation will expire at 5:00 P.M., New York
City time, on May 31, 2012,
unless extended or earlier
terminated.
Regardless of the outcome of the consent solicitation, ABB Ltd
will guarantee the bonds.
ABB has retained BofA Merrill Lynch to act as the solicitation
agent in connection with the consent solicitation. The full terms
and conditions of the consent solicitation may be obtained from the
solicitation agent, and any questions may be directed to the
solicitation agent by telephone at +1 646 855-3401 (collect). ABB
has retained Global Bondholder Services Corporation to act as the
Tabulation and Information Agent. Questions and requests for
additional documents may be directed to the Tabulation and
Information Agent in writing at Global Bondholder Services
Corporation, 65 Broadway – Suite 404, New
York, NY 10006, Attention: Corporate Actions, by telephone
at +1 212 430-3774 or +1 866 873-6300 (toll free) or by facsimile
at +1 212 430-3775/3779.
SOURCE ABB