Further Progress to Reduce Debt
ABB, the leading power and automation technology group, said it has repurchased a total of CHF 392 million of its CHF 500 million, 3.75 percent bonds due in 2009.
"These transactions are in line with our financial strategy to reduce on- and off-balance sheet obligations and lower financing costs, so long as such measures make economic sense for ABB," said Michel Demaré, ABB’s chief financial officer.
The repurchased bonds were cancelled on October 4, 2005 leaving a remaining nominal amount outstanding of CHF 108 million.
ABB is a leader in power and automation technologies that enable utility and industry customers to improve performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs about 103,000 people.
Source: ABB Group