HUBBELL INCORPORATED (NYSE:HUBB) Files An 8-K Termination of a Material Definitive AgreementItem 1.02.
As previously disclosed in the Current Report on Form 8-K filed by Hubbell Incorporated (the “Company”) on August3, 2017, on such date the Company completed a public offering of $300million aggregate principal amount of its 3.150% Senior Notes due 2027 (the “New Notes”) and a notice of redemption was given to holders of the Company’s 5.95% Senior Notes due 2018 (the “Redeemed Notes”) issued by the Company under the Indenture, dated as of September15, 1995 (the “Base Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A. (successor as trustee to JPMorgan Chase Bank, N.A. (formerly known as JPMorgan Chase Bank, formerly known as The Chase Manhattan Bank, formerly known as Chemical Bank))), as trustee (the “Trustee”), as supplemented by the First Supplemental Indenture, dated as of June2, 2008 (the “First Supplemental Indenture,” and the Base Indenture as heretofore supplemented and as supplemented by the First Supplemental Indenture, the “Indenture”), between the Company and the Trustee. On September2, 2017, the Company applied the net proceeds from the issuance of the New Notes to redeem all of its $300million of outstanding Redeemed Notes in accordance with the optional redemption provisions contained in the Indenture.
In connection with the financing activities described in Item 1.02 of this Current Report on Form 8-K, the Company expects to recognize a loss on the early extinguishment of the Redeemed Notes of approximately $6 million on an after-tax basis, or approximately $0.11 per diluted share, in the third quarter of 2017. The Company expects annualized interest savings to be approximately $5 million on an after-tax basis as a result of the financing activities described in Item 1.02 of this Current Report on Form 8-K, of which approximately $1 million is expected to be realized in the fourth quarter of 2017.
Forward-Looking Statements
This Current Report on Form 8-K includes “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. These include statements about the Company’s expectations regarding manufacturing efficiency, expected capital resources, expenses, employer contributions, liquidity, financial performance, pension funding and results of operations and are based on our reasonable current expectations. In addition, all statements regarding restructuring plans and expected associated costs and benefits, expected future financial performance, expected outcome of legal proceedings, or improvement in operating results, anticipated changes in tax rates, anticipated market conditions, potential future acquisitions, enhancement of shareholder value, and productivity initiatives are forward looking. Forward-looking statements may be identified by the use of words, such as “believe”, “expect”, “anticipate”, “intend”, “depend”, “should”, “plan”, “estimated”, “predict”, “could”, “may”, “subject to”, “continues”, “growing”, “prospective”, “forecast”, “projected”, “purport”, “might”, “if”, “contemplate”, “potential”, “pending,” “target”, “goals”, “scheduled”, “will likely be” and similar words and phrases. Discussions of strategies, plans or intentions often contain forward-looking statements. Such forward-looking statements involve numerous assumptions, known and unknown risks, uncertainties and other factors which may cause actual and future performance or achievements of the Company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors include: achieving sales levels to fulfill revenue expectations; unexpected costs or charges, certain of which may be outside the control of the Company; restructuring actions; general economic and business conditions; foreign exchange rates; and competition. Important factors, among others, that could cause the Company’s actual results and future actions to differ materially from those described in forward-looking statements are described in the Company’s filings with the SEC, including without limitation the “Business”, “Risk Factors”, and “Quantitative and Qualitative Disclosures about Market Risk” Sections of the Company’s Annual Report on Form 10-K for the year ended December31, 2016 and any subsequently filed Quarterly Report on Form 10-Q.
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About HUBBELL INCORPORATED (NYSE:HUBB)
Hubbell Incorporated is engaged in the design, manufacture and sale of electrical and electronic products for a range of non-residential and residential construction, industrial and utility applications. The Company operates through two segments: Electrical and Power. The Electrical segment consists of electrical systems products and lighting products. The Power segment consists of operations that design and manufacture various distribution, transmission, substation and telecommunications products used by the electrical utility industry. Its businesses also design and manufacture various high-voltage test and measurement equipment, industrial controls and communication systems used in the non-residential and industrial markets. Its wiring and electrical products include cable reels, wiring devices and accessories, junction boxes, plugs and receptacles, cable glands and fittings, switches and dimmers. It offers a range of light-emitting diode (LED) luminaire products. HUBBELL INCORPORATED (NYSE:HUBB) Recent Trading Information
HUBBELL INCORPORATED (NYSE:HUBB) closed its last trading session down -0.15 at 111.08 with 194,825 shares trading hands.
