Schneider Electric Announces Early Repayment of OCEANEs Due 2026

Schneider Electric has announced plans to early repay the outstanding sustainability-linked bonds, known as OCEANEs, on November 15, 2024. Originally due on June 15, 2026, these senior unsecured bonds are convertible into new shares and/or exchangeable for existing shares. The decision follows the terms in section 1.10.1.3 of the OCEANE 2026’s Terms and Conditions, citing that the number of remaining bonds is now below 15% of the initial issuance.

The early repayment date has been scheduled for December 13, 2024, and bondholders can exercise their conversion or exchange rights until December 4, 2024. The OCEANE 2026 will be repaid at par value, priced at €176.44 per bond.

Initially issued in 2020, 3,683,972 OCEANEs were released, with a nominal value of €176.44 each. As of November 12, 2024, the remaining outstanding bonds number 3,627, following conversions or repayments. Investors are advised of the current centralizing agent, Uptevia, due to a corporate restructuring.