8-KOther EventsExhibits & Filings

TE Connectivity plc 8-K Report, Corporate Update (Jan 31, 2025)

Filed January 31, 2025For Securities:TEL

Summary

TE Connectivity plc (TEL) announced through its wholly-owned subsidiary, Tyco Electronics Group S.A. (TEGSA), the issuance of €750,000,000 in 3.250% Senior Notes due 2033. The net proceeds, approximately €740.1 million, will be utilized for general corporate purposes, including potential debt repayment. This debt issuance is a significant event for investors as it impacts the company's capital structure and financial flexibility. The notes are guaranteed on an unsecured senior basis by TE Connectivity and TE Connectivity Switzerland Ltd., ranking equally with existing and future senior debt of TEGSA. The offering was facilitated by a syndicate of underwriters, including BofA Securities Europe SA, Citigroup Global Markets Limited, and J.P. Morgan Securities plc. Investors should note that these notes represent unsecured senior obligations and are subject to the terms outlined in the recently amended and restated indenture.

Key Highlights

  • 1TEGSA, a subsidiary of TE Connectivity, issued €750 million of 3.250% Senior Notes due 2033.
  • 2Net proceeds from the issuance are approximately €740.1 million and will be used for general corporate purposes, potentially including debt repayment.
  • 3The Notes are fully and unconditionally guaranteed by TE Connectivity plc and TE Connectivity Switzerland Ltd. on an unsecured senior basis.
  • 4The Notes rank equally with TEGSA's existing and future senior unsecured debt.
  • 5The offering was conducted under a registration statement on Form S-3.
  • 6Key underwriters for the offering included BofA Securities Europe SA, Citigroup Global Markets Limited, and J.P. Morgan Securities plc.
  • 7The issuance involves an amended and restated indenture and a first supplemental indenture, with associated legal opinions filed as exhibits.

Frequently Asked Questions

The primary purpose of issuing these new Senior Notes is to raise capital for general corporate purposes, which may include the repayment of outstanding debt. This provides TE Connectivity with financial flexibility for its ongoing operations and strategic initiatives.

The Notes are fully and unconditionally guaranteed on an unsecured senior basis by TE Connectivity plc (the parent company) and TE Connectivity Switzerland Ltd. This provides an additional layer of security for noteholders.

The Notes are unsecured senior obligations of TEGSA and rank equally in right of payment with all of TEGSA's existing and future senior debt. They rank senior to any subordinated indebtedness that TEGSA may incur.

TEGSA issued €750,000,000 in aggregate principal amount of Senior Notes. The net proceeds from the sale, after deducting the underwriters' discount but before other expenses, were approximately €740.1 million.