MEMPHIS, Tenn. - (Business Wire) Thomas & Betts Corporation (NYSE:TNB), a leading designer and manufacturer of electrical components used in industrial, construction, communications and utility markets, announced today that it has completed its previously announced issuance of $250 million aggregate principal amount of 5.625 percent senior notes due 2021 at an issue price of 99.186 percent. Thomas & Betts intends to use the net proceeds of $246.3 million to refinance $125 million of 7.25 percent unsecured notes due 2013, repay up to $95 million of outstanding indebtedness under the company’s senior credit facility and for general corporate purposes. Including the call premium and recognition of certain unamortized costs related to the 2013 notes, the company estimates that the impact on fourth quarter earnings will be a pre-tax charge of approximately $6 million or $0.08 cents per diluted share.
BofA Merrill Lynch, J.P. Morgan and Wells Fargo Securities acted as joint book-running managers of the notes offering.
This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sales would be unlawful prior to registration or qualification under the securities laws of any state.
Thomas & Betts Corporation (www.tnb.com) is a leading designer and manufacturer of electrical components used in industrial, construction, communications and utility markets. The company is also a leading producer of commercial heating and ventilation units and highly engineered steel structures used, among other things, for utility transmission. Headquartered in Memphis, Tenn., the company has manufacturing, distribution and office facilities worldwide. In 2008, the company reported $2.5 billion in net sales.
CAUTIONARY STATEMENT
This press release includes forward-looking statements that are identified by terms such as "optimistic," "trend," "will," and "believe." These statements discuss business strategies, economic outlook and future performance and make assumptions regarding the company's operations, business, economic and political environment. Such statements are not guarantees of future performance and actual results may be materially different from any future results expressed or implied by such forward-looking statements. Please see the "Risk Factors" section of the company's Form 10-K for the fiscal year ended December 31, 2008 for further information related to these uncertainties. The company undertakes no obligation to publicly release any revisions to any forward-looking statements to reflect events or circumstances occurring after the date of this release or to reflect the occurrence of unanticipated events.
Thomas & Betts Corporation
Investor Relations
Tricia Bergeron, 901-252-8266
tricia.bergeron@tnb.com
