Schneider Electric Unveils €800 Million OCEANEs Offering Due 2034

Schneider Electric announced an offering of bonds convertible into shares, known as OCEANEs, due in 2034 with a nominal amount of €800 million. The initiative aims to refinance the company's outstanding bonds due 2030, reducing potential dilution and maintaining a strong investment-grade profile.

The new bonds, available only to qualified investors, will offer a fixed annual coupon between 0.25% and 0.75%. In a concerted move, Schneider will engage in a reverse bookbuilding process to repurchase its 2030 OCEANEs, valued at €650 million, potentially mitigating a 0.5% dilution of its share capital.

The bonds, each valued at €100,000, will be convertible into new or existing shares at a conversion premium of 35% to 40% above current market value. The process is expected to finalize by June 2026.