By Paul Deckelman and Paul A. Harris
Portland, Ore., Oct. 28 - Freescale Semiconductor, Inc., a wholly owned subsidiary of Freescale Semiconductor, Ltd., priced a massively upsized $960 million issue of eight-year senior secured notes (/B/) at par to yield 6% on Monday, according to a market source.
The deal was upsized from $500 million.
The yield printed on top of yield talk.
The initial yield guidance was 6% to 6¼%.
J.P. Morgan Securities LLC, Barclays, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Goldman Sachs & Co. managed the sale.
The Austin, Texas-based semiconductor and microelectronics company plans to use the proceeds to redeem a portion of its outstanding 9¼% senior secured notes due 2018.
| Issuer: | Freescale Semiconductor, Inc. (Freescale Semiconductor, Ltd.)
|
| Amount: | $960 million, increased from $500 million
|
| Maturity: | Eight years
|
| Securities: | Senior secured notes
|
| Managers: | J.P. Morgan Securities LLC, Barclays, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co.
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Call protection: | Three years
|
| Trade date: | Oct. 28
|
| Rating: | Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6% area
|
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