Invensys offers to acquire remaining 5½% 2005 and 7 1/8% 2007 notes

By Paul Deckelman

New York; Jan. 24 - Invensys plc said that it will acquire the remaining €47.9 million of outstanding 5½% notes scheduled to come due on April 1 and will also acquire its remaining $97.1 million of outstanding 7 1/8% notes due 2007.

Invensys already owns €6.9 million of the euro-denominated notes and said that the maximum amounts payable under the terms of its offer are €41.2 million and $103.2 million, respectively.

The company said that the tender offer will be financed partly from cash and partly from an offering of new 9 7/8% senior notes due 2011.

Invensys offered no other details about the tender offer, saying that full details were in the official offer to purchase document being sent to the registered noteholders.

As previously announced, Invensys plc, a London-based producer of industrial controls and automation systems, last year successfully tendered for most of both the 5½% euro-denominated notes and the 7 1/8% U.S. dollar-denominated notes.

It said on March 8, 2004 that €452.105 million of the originally outstanding €500 million principal amount of the 5½% notes due April 1, 2005 were tendered by holders under a tender offer that had begun on Feb. 16, leaving €47.895 million of the notes still outstanding at its conclusion.

And it said on July 21 that it had accepted for purchase $152.882 million principal amount out of the $250 million then outstanding of its 7 1/8% notes under a modified Dutch auction-style tender offer that had begun on June 16, leaving about $97 million still outstanding at the offer's conclusion.

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