Legrand to sell €600 million 10-year notes in the first quarter of 2003

By Paul A. Harris

St. Louis, Dec. 6 - Legrand SA's planned offering of €600 million equivalent of notes due 2012 has been revived after Schneider Electric decided to proceed with the sale of Legrand to Kohlberg Kravis Roberts & Co. LP and Wendel Investissement.

Schneider's decision to divest Legrand follows a favorable ruling on Oct. 22, which annulled the European Commission's veto of the planned merger of Schneider Electric and Legrand, according to documents released by the company.

The bond offering to help finance the transaction is likely to come to market during the first quarter of 2003, according to an informed source. The deal will be in euro and dollar tranches via joint bookrunners Credit Suisse First Boston and Lehman Brothers, the source said. RBS will be a co-manager.

Originally word of the deal surfaced during fall 2002 but the offering was shelved when the European Commission vetoed the planned merger between Schneider Electric and Legrand.

However on Oct. 22 the Court of First Instance of the European Communities annulled that veto, paving the way for Schneider Electric to proceed to sell its 98.1% stake in Legrand under the sale contract signed on July 26, 2002 with the KKR-Wendel Investissement consortium.

Legrand, based in Limoges, France, provides electrical distribution and industrial control and automation services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.