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.