Schneider Electric Sets Size, Guidance On 2-Part Bond

9th Jul 2010 10:10

LONDON (Dow Jones)--French electrical equipment maker Schneider Electric SA (SU.FR) has set size and price guidance on its new six- and 10-year bond issues, one of the banks leading the deal said Friday. The EUR300 million six-year portion of the deal will price in the region of 73 basis points over midswaps, while the EUR500 million 10-year portion will price at 88 basis points over midswaps, the bank said. Deutsche Bank AG, HSBC Holdings PLC and Societe Generale SA are running the six-year portion of the deal, with Bank of American Merrill Lynch, Credit Agricole SA, Deutsche Bank and Societe Generale running the 10-year tranche. Both deals are expected to launch and price later Friday. In addition to the two new issues, the company is also offering to buy back up to EUR300 million of its EUR750 million, 6.75%, July 2013 bond for 114.05% of par. The offer expires July 16 at 1400 GMT. Schneider Electric is rated A3 by Moody's Investors Service Inc. -By Michael Wilson, Dow Jones Newswires; 44 20 7842 9349; [email protected] (END) Dow Jones Newswires July 09, 2010 05:10 ET (09:10 GMT)