Schneider Seeks $1 Billion in Bonds

Schneider Electric, the world’s largest maker of low-voltage equipment, is seeking 800 million euros ($1 billion) in bonds. The last time they tried to raise money by bonds was back in 2009 where they raised 750 million euros. Schneider is hoping to use this money to refinance some of their debt.

Bondholders are being offered 114.05 cents on the euro for the 2013 securities in the tender that expires July 16.

Schneider is rated A3 by Moody’s Investors, the fourth- lowest investment grade, and an equivalent A- at Standard & Poor’s.

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