Components |
NXP Semiconductors announces new refinancing
NXP Semiconductors' 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. today 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, Inc. and BofA Merrill Lynch.