TE Connectivity to buy back $300M in securities
TE Connectivity Ltd., the manufacturer of cable and high-end electronic components for consumer and industrial goods, today said subsidiary Tyco Electronics Group S.A. is buying back all of its outstanding 2014 senior notes, worth about $300 million.
The company has set a redemption date of Nov. 18. It will pay noteholders a price that is the greater of either 100 percent of the principal amount, or the sum of the remaining scheduled payment values on the notes discounted to the redemption date plus 0.45 percent.
The payout calculations will be determined on Nov. 13, the company said. TE Connectivity will pay all accrued and unpaid interest on the notes up to the redemption date. The notes had a 5.95 percent interest rate.
TE Connectivity posted earnings in July for its third quarter with a 68 percent increase to $335 million. The company had nine-month earnings of $889 million, or 24 percent greater than a year ago.
TE Connectivity will report its fourth-quarter and year-end numbers on Oct. 30.
The Switzerland-based company, with U.S. headquarters in Chester County as well as administrative and engineering offices in Central Pennsylvania, trades its shares on the New York Stock Exchange under the ticker symbol TEL.