Market Overview

NXP Semi Reports Prices Upsized Offering of Senior Unsecured Notes


NXP Semiconductors N.V. (NASDAQ: NXPI) (together with its subsidiaries, "NXP") announced today the upsizing of the previously announced offering by its subsidiaries NXP B.V. and NXP Funding LLC of USD 300 million to an offering of USD 500 million aggregate principal amount of senior notes due 2023 ("Unsecured Notes") pursuant to Rule 144A and Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act") and also announced the pricing of the offering. The Unsecured Notes will be structurally subordinated to the liabilities, including trade payables, of NXP's subsidiaries that have not guaranteed the Unsecured Notes. In addition, the Unsecured Notes will be effectively subordinated to all secured debt of the issuers and the guarantors, to the extent of the value of the assets securing such debt. The sale of the Unsecured Notes is expected to close on or around March 12, 2013.

The Unsecured Notes will bear interest at 5.75% per annum and will mature on March 15, 2023. Interest on the Unsecured Notes will be payable semi-annually on March 15 and September 15 of each year, beginning on September 15, 2013. NXP intends to use the net proceeds of the offering to repay amounts outstanding under its Term Loan B that it entered into on February 16, 2012, and thereby decrease the amount of variable rate debt in its capital structure.

Posted-In: News Offerings


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