Schneider Electric Launches a €800M OCEANE Due 2034 and Repurchases 2030 Issue
Schneider Electric announced on Thursday the launch of a convertible or exchangeable bond offering with a nominal amount of €800 million, maturing in 2034. Simultaneously, the group plans to repurchase its circulating convertible bonds maturing in 2030, with a principal amount of €650 million as of June 3, 2026.
A Strategic Refinancing Operation
The Rueil-Malmaison-based group is proceeding with a raise of convertible bonds (OCEANEs) with a nominal amount of €800 million, maturing on September 30, 2034. These securities will carry a fixed coupon rate between 0.25% and 0.75% per year, payable semi-annually (September 30 and March 30). The conversion/exchange into shares will include a premium ranging from 35% to 40% above the reference price on Euronext Paris.
Simultaneous Repurchase of the 2030 Bonds
In parallel, Schneider Electric is initiating a reverse bookbuilding process to repurchase its OCEANEs maturing on November 27, 2030. The repurchase price is set at 145.7% of the nominal value (€145,700 per bond of €100,000 in principal), plus accrued interest estimated at €85.65 per €100,000 in nominal until the settlement scheduled for June 12, 2026. This operation is conditional upon the repurchase of at least 60% of the circulating amount of the OCEANEs for the group to proceed with the settlement.
Potential Dilution and Schedule
For illustrative purposes, Schneider Electric estimates the potential dilution at 0.4% of the capital if all the bonds were converted into new shares, based on a reference price of €283.45 and a conversion premium of 37.5%. Conversely, a 100% repurchase of the 2030 OCEANEs would prevent an estimated dilution of 0.5%. The settlement-delivery of the new bonds is expected on June 11, 2026; that of the repurchase on June 12, 2026. An admission to trading on Euronext Access is anticipated within 30 days following the settlement.
