Morgan Stanley, BofA Merrill to Provide $475 Million to NXP
NXP Semiconductors N.V. announced that its subsidiary, NXP B.V., together with NXP Funding LLC, is intending to redeem all of its outstanding Euro-denominated 8 5/8% Senior Notes due October 2015, and all outstanding U.S. dollar-denominated 9 1/2% Senior Notes due October 2015, in the total amount of approximately US$775 million. These proposed redemptions would be financed by a US$300 million draw down under the existing revolving credit facility, as well as by new secured loans up to US$475 million, subject to their completion.
Accordingly, NXP B.V. launched a transaction seeking commitments for up to US$475 million in new senior secured loans due 2019, the proceeds of which would be used to refinance a portion of the above redemptions. The new secured loans would be drawn as additional loans under NXP’s existing senior secured term loan facility. The joint lead arrangers and joint bookrunners on the transaction are Morgan Stanley Senior Funding and BofA Merrill Lynch.
This announcement is for informational purposes only. No money, securities or other consideration is being solicited, and, if sent in response to the information contained herein, will not be accepted. Neither this document nor the information contained herein constitutes an offer to sell or the solicitation of an offer to buy any securities or other instruments.
NXP Semiconductors N.V. provides high performance mixed signal and standard product solutions that leverage its leading RF, analog, power management, interface, security and digital processing expertise.