Broadcom wraps exchange offer for seven series of notes

By Wendy Van Sickle

Columbus, Ohio, June 3 – Broadcom Inc. announced the final results of its offer to exchange seven series of notes issued by the company, Broadcom Corp. and CA, Inc. for up to $2.2 billion of new notes due Sept. 15, 2026 and up to $3.75 billion of new notes due Sept. 15, 2028, according to a press release.

Following the early participation deadline, 5 p.m. ET on May 18, and prior to the final expiration, midnight ET on June 3, the issuer said it took in the following additional tenders:

• $290,000 of the $500 million 3.6% senior notes due Aug. 15, 2022 (Cusip: 12673PAH8) issued by CA for a consideration of $287,000 of the company's new 3.459% notes due 2026;

• $189,000 of the $1.5 billion 3.125% senior notes due Oct. 15, 2022 (Cusips: 11135FAC5, U1109MAC0) issued by Broadcom Inc. for a consideration of $186,000 of the company's new 3.459% notes due 2026;

• $1,049,000 of the $2.5 billion 3.625% senior notes due Jan. 15, 2024 (Cusips: 11134LAE9, U1108LAC3, 11134LAF6) issued by Broadcom Corp. for a consideration of $1,049,000 of the company's new 4.11% notes due 2028; and

• $202,000 of the $2 billion 3.625% senior notes due Oct. 15, 2024 (Cusips: 11135FAD3, U1109MAD8) issued by Broadcom Inc. for a consideration of $204,000 company's new 4.11% notes due 2028.

The notes exchanged for new 2026 notes were part of exchange pool one, and those exchanged for 2028 notes were covered under exchange pool two.

By the early deadline, $1,638,022,000 of pool one existing notes and $2,102,212,000 aggregate principal of pool two existing notes had been validly tendered and not withdrawn, as previously reported.

As a result, the company issued $1,694,847,000 of its new 3.459% notes due 2026 in exchange for the early tendered pool one notes and $2,221,096,000 of new 4.11% notes due 2028 in exchange for the early tendered pool two notes.

Early settlement occurred on May 21. Final settlement is set for June 4.

Holders who tendered by the early deadline received an early participant payment in an amount of $50 payable in applicable new notes for each $1,000 principal amount of each series of existing notes tendered and accepted.

The exchange offers were announced on May 19 and also covered three other series, of which no additional tenders were submitted after the early deadline.

The information and tender agent is D.F. King & Co., Inc. (866 416-0577, 212 269-5550).

Barclays (800 438-3242, 212 528-7581) and Credit Suisse Securities (USA) Inc. (800 820-1653, 212 325-2476) are acting as dealer managers.

Broadcom is a San Jose, Calif.-based designer and developer of semiconductor and infrastructure software solutions.

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