Adecco prices mandatory convertible bonds
(Thomson Reuters ONE) - Corporate news announcement processed and transmitted by Hugin AS.The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------ Zurich, Switzerland, October 20, 2009: Adecco Group, announces thecompletion of the CHF 900 million offering of 6.50% per centmandatory convertible bonds (the "Bonds") due 2012The Bonds will be issued by Adecco Investment (Bermuda) Ltd (the"Issuer") a wholly-owned subsidiary of Adecco SA, and will representsenior secured limited recourse obligations of the Issuer. Atmaturity, the Bonds will be mandatorily convertible into fully paidordinary shares of Adecco SA (the "Shares").The net proceeds of the offering will increase Adecco's financialflexibility and strengthen its balance sheet in conjunction with theannounced acquisition of MPS Group.On the basis of the concurrent equity offering ("Equity Offering") ofexisting Shares the reference share price and initial minimumconversion price of the Bonds will be CHF 50.50 and the initialmaximum conversion price will be CHF60.60 (120% of the referenceshare price). On that basis the number of Shares underlying the Bondsupon issue will be approximately 17.82 million Shares. The Sharesunderlying the Bonds will be sourced from treasury shares and/orconditional share capital of Adecco S.A., at Adecco's election.The Bonds will have a maturity of 3 years, will be issued at 100% ofthe principal amount and will be mandatorily convertible into Sharesat the maturity of the Bonds. The Bonds will pay a coupon of 6.50%per annum.Settlement of the Bonds is expected to occur on 26 November, 2009.The Bonds are intended to be listed and admitted to trading on theSIX Swiss Exchange (ISIN XS0460347080). An offering and listingprospectus (the "Offering Circular") will be available approximately3 days prior to settlement.Contacts:Adecco Corporate Investor RelationsInvestor.relations(at)adecco.com or +41 (0) 44 878 89 89Adecco Corporate Press OfficePress.office(at)adecco.com or +41 (0) 44 878 87 87Forward-looking statementsInformation in this release may involve guidance, expectations,beliefs, plans, intentions or strategies regarding the future. Theseforward-looking statements involve risks and uncertainties. Allforward-looking statements included in this release are based oninformation available to Adecco S.A. as of the date of this release,and we assume no duty to update any such forward-looking statements.The forward-looking statements in this release are not guarantees offuture performance and actual results could differ materially fromour current expectations. Numerous factors could cause or contributeto such differences. Factors that could affect the Company'sforward-looking statements include, among other things: global GDPtrends and the demand for temporary work; changes in regulation oftemporary work; intense competition in the markets in which theCompany competes; changes in the Company's ability to attract andretain qualified internal and external personnel or clients; thepotential impact of disruptions related to IT; any adversedevelopments in existing commercial relationships, disputes or legaland tax proceedings.About the Adecco GroupThe Adecco Group, based in Zurich, Switzerland, is the world'sleading provider of HR solutions. With over 29,000 FTE employees andmore than 5,800 offices, in over 60 countries and territories aroundthe world, Adecco Group offers a wide variety of services, connectingmore than 500,000 colleagues with over 100,000 clients every day. Theservices offered fall into the broad categories of temporarystaffing, permanent placement, outsourcing, consulting andoutplacement. The Adecco Group is a Fortune Global 500 company.Adecco S.A. is registered in Switzerland (ISIN: CH0012138605) withlistings on the SIX Swiss Exchange (ADEN) and on Euronext in France(ADE).http://hugin.info/100102/R/1348806/324734.pdf --- End of Message ---Adecco SASagereistrasse 10 Glattbrugg SwitzerlandWKN: 922031; ISIN: CH0012138605; Index: SLCI, SMI, SPI, SMIEXP;Listed: Main Market in SIX Swiss Exchange;
Datum: 20.10.2009 - 19:51 Uhr
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