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News Jul 04, 2014

Shearman & Sterling Represents STMicroelectronics on US$1 Billion Dual-Tranche Convertible Bond Offering

Shearman & Sterling represented STMicroelectronics on its US$1 billion dual-tranche convertible bond offering which closed on July 3, 2014. The senior unsecured convertible bonds are convertible into ordinary shares of STMicroelectronics and are listed on the Open Market (Freiverkehr) segment of the Frankfurt Stock Exchange. The bonds were issued in two tranches of US$600,000,000 zero coupon convertible bonds due 2019 and US$400,000,000 1.00% convertible bonds due 2021.

J.P. Morgan and BNP PARIBAS acted as Global Coordinators and Joint Bookrunners and Banca IMI, Morgan Stanley, Société Générale Corporate & Investment Banking and UniCredit acted as Joint Bookrunners in respect of the offering.

STMicroelectronics is a global leader in the semiconductor market, serving customers across the spectrum of sense and power and automotive products and embedded processing solutions.

The Shearman & Sterling team of lawyers in the firm’s London and New York offices included finance partner Mei Lian, capital markets partner David Dixter, finance partner Clifford Atkins, finance associates Eric Ho and Leona McManus and trainee solicitor Ankita Sethia. They were assisted by capital markets partner Robert Treuhold. Counsel Simon Letherman and associate Gabriel Ng advised on the tax aspects of the transaction.