Signify Successfully Prices EUR 1.275 Billion of Eurobonds to Refinance the Bridge Loan Arranged to Finance Cooper Lighting Acquisition
Eindhoven, the Netherlands – Signify, (LIGHT.NX), the world leader in lighting, today announced the successful pricing of its inaugural EUR 1.275 billion Eurobond Offering comprising of EUR 675 million fixed rate notes due 2024 with a coupon of 2.000% and EUR 600 million fixed rate notes due 2027 with a coupon of 2.375%.
The net proceeds of the notes will be used to refinance the bridge loan used to finance the acquisition of Cooper Lighting, which was completed on March 2, 2020.
Both tranches of the notes were significantly oversubscribed, attracting a strong interest from a broad institutional investor base.
“We are delighted with the launch of our inaugural Eurobond and with the strong investor interest shown in Signify,” said René van Schooten CFO of Signify. “This marks a significant step in finalizing our financing strategy following our acquisition of Cooper Lighting.”
Settlement and issue of the notes is scheduled for May 11, 2020. Application has been made for the notes to be listed on the Official List of the Luxembourg Stock Exchange and to trading on the regulated market of the Luxembourg Stock Exchange.
Signify’s focus remains on maintaining a robust capital structure and on its policy to prioritize future deleveraging to support its commitment to an investment grade credit rating. The company has a rating of Baa3 (stable outlook) with Moody’s and a BBB- rating (stable outlook) with Standard & Poor’s.
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For further information, please contact:
Signify Investor Relations
Tel: +31 6 1138 4609
Signify Corporate Communications
Elco van Groningen
Tel: +31 6 1086 5519
Signify (LIGHT.NX) is the world leader in lighting for professionals and consumers and lighting for the Internet of Things. Our Philips products, Interact connected lighting systems and data-enabled services, deliver business value and transform life in homes, buildings and public spaces. With 2019 sales of EUR 6.2 billion, we have approximately 38,000 employees and are present in over 70 countries. We unlock the extraordinary potential of light for brighter lives and a better world. We have been named Industry Leader in the Dow Jones Sustainability Index for three years in a row. News from Signify is located at the Newsroom, Twitter, LinkedIn and Instagram. Information for investors can be found on the Investor Relations page.
This press release does not constitute an offer or invitation to subscribe for or purchase the Notes and nothing herein shall form the basis of any contract or commitment whatsoever.