Nachrichten July 06, 2017

Shearman & Sterling Advises STMicroelectronics N.V. on Its US$1.5 Billion Dual-Tranche Offering of Convertible Bonds

Shearman & Sterling represented STMicroelectronics on its US$1.5 billion offering of senior unsecured bonds convertible into ordinary shares of STMicroelectronics, the early redemption of its outstanding US$600 million zero coupon convertible bonds due 2019 and the launch of a share buy-back program.

The new convertible bonds were issued in two tranches, a US$750 million zero coupon tranche maturing in 2022 and a US$750 million 0.25 percent tranche maturing in 2024.

STMicroelectronics is a global semiconductor leader delivering intelligent and energy-efficient products and solutions that power everyday electronics. In 2016, STMicroelectronics’ net revenues were US$6.97 billion and the company served more than 100,000 customers worldwide.

The Shearman & Sterling team below included associates Thomas Evans and Ana Stefanovic Grbec.

The Team