Summary
TE Connectivity plc (TEL) announced through its wholly-owned subsidiary, Tyco Electronics Group S.A. (TEGSA), the issuance of €500,000,000 in aggregate principal amount of 2.500% Senior Notes due 2028. These notes were issued under a registration statement filed with the SEC and generated net proceeds of approximately €496.3 million after deducting the underwriters' discount. The net proceeds, along with any from a concurrent USD notes offering, are designated for general corporate purposes, including the repayment of debt incurred for the acquisition of the Richards Manufacturing business. The new notes are senior unsecured obligations of TEGSA, equally ranking with its existing and future senior debt, and are fully and unconditionally guaranteed on an unsecured senior basis by TE Connectivity and TE Connectivity Switzerland Ltd. This debt issuance provides TE Connectivity with additional capital to support its strategic objectives and manage its existing debt obligations.
Key Highlights
- 1TE Connectivity's subsidiary, TEGSA, issued €500 million of 2.500% Senior Notes due 2028.
- 2Net proceeds from the offering are approximately €496.3 million.
- 3Proceeds are earmarked for general corporate purposes, including debt repayment related to the Richards Manufacturing acquisition.
- 4The notes are senior unsecured obligations of TEGSA.
- 5TE Connectivity plc and TE Connectivity Switzerland Ltd. provide full and unconditional guarantees for the notes.
- 6The issuance diversifies TE Connectivity's funding sources and supports its financial strategy.
- 7The offering was conducted under a registered Form S-3.