SCHAFFHAUSEN, Switzerland, Oct. 18, 2013 /PRNewswire/ -- TE Connectivity Ltd. (NYSE: TEL) today announced that its wholly owned subsidiary, Tyco Electronics Group S.A. ("TEGSA"), has called for redemption all of its outstanding 5.95% Senior Notes due 2014 (the "Notes").
The redemption date will be November 18, 2013. The redemption price for the Notes will be equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments on the Notes, discounted to the redemption date using a defined treasury rate plus 45 basis points (0.45%), and will be determined as of November 13, 2013. Accrued and unpaid interest will be paid to the redemption date. As of October 17, 2013, $300,000,000 aggregate principal amount of Notes remain outstanding.
A notice of redemption was sent to the holders of the Notes today. Holders owning Notes through a broker, bank or other nominee should contact that party for information.
This news release is for informational purposes and does not constitute a notice of redemption under the optional redemption provisions of the Notes or the indenture governing the Notes, nor does it constitute the solicitation of an offer to buy any securities of TE Connectivity or TEGSA, or a solicitation of an offer to buy securities in any state or jurisdiction where prohibited by law. Additional information concerning the terms and conditions of the redemption is contained in the notice of redemption distributed to holders of the Notes.
ABOUT TE CONNECTIVITY
TE Connectivity (NYSE: TEL) is a $13 billion world leader in connectivity. The company designs and manufactures products at the heart of electronic connections for the world's leading industries including automotive, energy and industrial, broadband communications, consumer devices, healthcare, and aerospace and defense. TE Connectivity's long-standing commitment to innovation and engineering excellence helps its customers solve the need for more energy efficiency, always-on communications and ever-increasing productivity. With nearly 90,000 employees in over 50 countries, TE Connectivity makes connections the world relies on to work flawlessly every day. To connect with the company, visit: www.TE.com.
This release contains certain "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to risks, uncertainty and changes in circumstances, which may cause actual results, performance, financial condition or achievements to differ materially from anticipated results, performance, financial condition or achievements. All statements contained herein that are not clearly historical in nature are forward-looking and the words "anticipate," "believe," "expect," "estimate," "plan," and similar expressions are generally intended to identify forward-looking statements. A description of risks and uncertainties can be found in our most recent Annual Report on Form 10-K and in our other reports filed with the U.S. Securities and Exchange Commission. We have no intention and are under no obligation to update or alter (and expressly disclaim any such intention or obligation to do so) our forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by law.
SOURCE TE Connectivity Ltd.