ST to raise $1.5bn

ST is to raise $1.5 billion in a convertible bond issue. The company will also redeem its 2019 convertible bonds and buy back shares.

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The new bonds will mature in five and seven years. The five year bonds will not pay interest. The seven year bonds will pay interest of 0.5%.

Settlement is expected to be on or about July 7th.

ST will buy back about $300 million worth of its shares “to meet obligations from share award programmes.”


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