STMicroelectronics Announces Reallocation of Shares Repurchased under its Share Buy-back Program
STMicroelectronics (NYSE: STM) (the “Company” or “STMicroelectronics”), a global semiconductor leader serving customers across the spectrum of electronics applications, announced on November 5, 2018 the launch of a share buy-back program of up to $750 million to be executed within a 3 year period (subject to shareholder and other approvals from time to time) (the “Programme”). The Company announces today that it will utilize a certain number of shares (the “Settlement Treasury Shares”), repurchased under the Programme for delivery of shares in connection with the early redemption of its outstanding US$750 million Zero Coupon Convertible Bonds due 2022 (ISIN: XS1638064953, the “2022 Convertible Bonds”) pursuant to the Net Share Settlement provisions of Condition 6(a)(ii) of the Terms and Conditions of the 2022 Convertible Bonds.
The Settlement Treasury Shares were initially repurchased for the purpose of meeting the Company’s obligations in relation to its employee stock award plans and the Settlement Treasury Shares will be reallocated to settle the 2022 Convertible Bonds. The Programme is carried out in accordance with the authorisations of the Supervisory Board and the provisions of the Market Abuse Regulation (EU) 596/2014 and Commission Delegated Regulation (EU) 2016/1052. The Company will announce details of any share purchases effected pursuant to the Programme, as required by applicable laws and regulations.
At STMicroelectronics, we are 46,000 creators and makers of semiconductor technologies mastering the semiconductor supply chain with state-of-the-art manufacturing facilities. An independent device manufacturer, we work with our 100,000 customers and thousands of partners to design and build products, solutions, and ecosystems that address their challenges and opportunities, and the need to support a more sustainable world. Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of the Internet of Things and 5G technology.
Further information can be found at www.st.com
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