Johnson Controls exchanged up to 8,550,000 of its outstanding Equity Units in the form of Corporate Units for a cash payment and shares of its common stock. The Corporate Units Exchange Offer expired on Sept. 25, 2009.
Johnson Controls has been advised by Global Bondholder Services Corporation, the information and exchange agent for the Corporate Units Exchange Offer, that approximately 8,082,000 Corporate Units had been tendered as of the Expiration Date, all of which have been accepted for exchange. Johnson Controls will exchange approximately 39.3 million shares of common stock and approximately US$52.5 million in cash for the Corporate Units accepted in the Corporate Units Exchange Offer. Settlement of the Corporate Units Exchange Offer will occur on Sept. 30 after payment of the quarterly cash distributions on the Equity Units for the period ended Sept. 30 has been made to persons that were holders of record of the Equity Units as of Sept. 15.
Approximately 89.8 percent of the outstanding Corporate Units was tendered in the Corporate Units Exchange Offer. A total of approximately 918,000 Corporate Units will remain outstanding following the Corporate Units Exchange Offer.
BofA Merrill Lynch and Barclays Capital acted as joint-lead dealer managers for the Corporate Units Exchange Offer and Citi acted as co-dealer manager.