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Adecco prices mandatory convertible bonds

Adecco Group, announces the completion of the CHF 900 million offering of 6.50% per cent mandatory convertible bonds (the "Bonds") due 2012

Oct 20, 2009 

The Bonds will be issued by Adecco Investment (Bermuda) Ltd (the "Issuer") a wholly-owned subsidiary of Adecco SA, and will represent senior secured limited recourse obligations of the Issuer. At maturity, the Bonds will be mandatorily convertible into fully paid ordinary shares of Adecco SA (the "Shares").
The net proceeds of the offering will increase Adecco's financial flexibility and strengthen its balance sheet in conjunction with the announced acquisition of MPS Group.  
On the basis of the concurrent equity offering ("Equity Offering") of existing Shares the reference share price and initial minimum conversion price of the Bonds will be CHF 50.50 and the initial maximum conversion price will be CHF60.60 (120% of the reference share price). On that basis the number of Shares underlying the Bonds upon issue will be approximately 17.82 million Shares. The Shares underlying the Bonds will be sourced from treasury shares and/or conditional share capital of Adecco S.A., at Adecco's election.
The Bonds will have a maturity of 3 years, will be issued at 100% of the principal amount and will be mandatorily convertible into Shares at the maturity of the Bonds. The Bonds will pay a coupon of 6.50% per annum.
Settlement of the Bonds is expected to occur on 26 November, 2009. The Bonds are intended to be listed and admitted to trading on the SIX Swiss Exchange (ISIN XS0460347080). An offering and listing prospectus (the "Offering Circular") will be available approximately 3 days prior to settlement.
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