Schneider Electric extends tender offer for Telvent convertibles again

By Marisa Wong

Madison, Wis., Aug. 5 - Schneider Electric SA announced that its wholly owned subsidiary, Schneider Electric Espana, SAU, has further 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. 23, extended from Aug. 4. The offer was originally set to expire on July 21.

As of 5 p.m. ET on Aug. 4, $177 million 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 Aug. 2, 33,415,700 Telvent shares were tendered. The number of tendered shares represents about 98% of the total number of shares issued as of May 31.

The shares tender offer will now expire at 5 p.m. ET on Aug. 22 due to a previously announced extension, and payment for tendered shares will occur on Aug. 23. Because the shares tender offer has been extended, 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.

The effective date is now expected to be Aug. 23, and the purchase price for the 5.5% notes will be $1,313.35 per $1,000 principal amount.

Settlement for the notes tender offer is expected to occur on Aug. 25.

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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