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News Jul 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 was led by partner Mei Lian and associate Thomas Evans (both London-Finance), assisted by partner Trevor Ingram and associate Ana Stefanovic Grbec (both London-Capital Markets) and counsel Séverine de La Courtie (Paris-Capital Markets) and Emanuele Trucco (Milan-Capital Markets).