Freescale Semiconductor Holdings I, Ltd. announced that Freescale Semiconductor, Inc., its wholly owned indirect subsidiary, is seeking commitments for a new senior secured term loan facility under its existing senior secured credit facilities in an aggregate principal amount of up to $500 million.

The proceeds from the new term loans are intended to be used to redeem, repurchase or otherwise acquire a portion of Freescale’s senior subordinated notes due 2016 and, at Freescale’s option, a portion of its senior notes due 2014, and to pay related redemption premiums, fees and expenses.

The company may pay all or a portion of the premiums, fees and expenses with cash on hand. The new term loan facility would be effected as amendments to Freescale’s existing senior secured credit facilities, and the amendments are subject to lender consent and other customary conditions. There can be no assurance that the company will be successful in obtaining lender consent or the new term loan facility on reasonably acceptable terms, or at all.

Freescale Semiconductor Holdings I, Ltd. is a global provider in embedded processing solutions, providing industry leading products that are advancing the automotive, consumer, industrial and networking markets.