Schneider Electric extends tender offer for Telvent convertible notes

By Marisa Wong

Madison, Wis., July 22 - Schneider Electric SA announced that its wholly owned subsidiary, Schneider Electric Espana, SAU, has extended its previously announced tender offer for the $200 million of outstanding 5.5% senior subordinated convertible notes due 2015 issued by Telvent GIT, SA. The offer will now expire at 5 p.m. ET on Aug. 4, extended from July 21.

As of 5 p.m. ET on July 21, $100,507,000 principal amount of the notes was tendered.

The notes tender offer is being conducted concurrently with a separate cash tender offer by Schneider Electric Espana for all of Telvent's issued shares. The notes tender offer is conditioned upon the tender of more than 50% of Telvent's shares in the shares tender offer.

As of the close of business on July 19, 33,118,327 Telvent shares were tendered. The number of tendered shares represents about 97% of the total number of shares issued as of May 31.

As previously announced, the expiration date of the shares tender offer was extended to midnight ET at the end of Aug. 2, because all of the conditions to the shares tender offer had not yet been satisfied by the previously scheduled expiration date. Due to the extension of the shares tender offer, the date on which Schneider Electric Espana acquires more than 50% of the Telvent shares in the shares tender offer - the effective date - will be delayed.

If the effective date occurs on Aug. 3, the purchase price for the notes will be $1,315.01 per $1,000 principal amount. If the effective date occurs after Aug. 3, the purchase price will be lower.

Schneider Electric said it will announce the effective date and purchase price no later than 9 a.m. ET on the second business day prior to the expiration date of the notes tender offer.

Santander Investment Securities Inc. (212 407-0976) is the dealer manager for the offer, Bank of New York Mellon is the depositary, and D.F. King & Co., Inc. (866 952-2200) is the information agent.

Schneider is an energy management company based in Rueil-Malmaison, France. Telvent is an information technology company based in Madrid.

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