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SGS launches 10 year benchmark bond maturing in 2024
Feb '14
SGS announces the launch of a new 10 year benchmark bond maturing in 2024 and in addition an offer to holders of the existing 2016 CHF 625 million Bonds, subject to applicable offering restrictions, to exchange their existing 2016 Bonds, with a minimum exchange amount of CHF 100 million and a maximum exchange amount of CHF 400 million, into new bonds with a term of 8 years (the new 2022 Bonds). 
The existing 2016 Bonds not instructed in the exchange offer will remain listed on the SIX Swiss Exchange.
The new 2022 Bonds will be priced on or about 20 February 2014 at a spread over 8-year CHF mid-swaps, such spread expected to be announced on 7 February 2014. 
The coupon of the new 2022 Bonds will be equal to the new 2022 Bond yield (subject to rounding in accordance with market convention) being the sum of the new 2022 Bonds spread expected to be in the range of 23 to 28 basis points and the 8-year Swiss Franc Mid-Swap Rate to be announced on or about 20 February 2014. 
The exchange ratio will be the exchange price of 104.250% divided by the new 2022 Bonds price being approximately 100%, adjusted to rounding in accordance with market convention.
Through these two transactions SGS seeks to take advantage of favorable market conditions and optimize and extend its debt maturity profile.


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