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NXP extends tender offer for 9¾% senior secured notes; tally unchanged
By Susanna Moon
Chicago, Nov. 21 - NXP Semiconductors NV said it extended the tender offer for its $922.47 million 9¾% senior secured notes due 2018 until 11:59 p.m. ET on Dec. 10. Tendered notes may no longer be withdrawn.
NXP began a cash tender offer on Oct. 24 for up to $500 million of the outstanding 9¾% notes issued by NXP BV and NXP Funding LLC.
As reported, NXP will pay $1,172.50 per $1,000 principal amount of the notes to holders who tendered by the early deadline. Those who tender after that time will receive $1,142.50 per $1,000 of notes.
NXP will also pay accrued interest.
Investors had tendered $678.02 million, or 73.5%, of the notes by 5 p.m. ET on Nov. 20, according to a press release. That tally remains unchanged as of 5 p.m. ET on Nov. 9, the early tender deadline.
As noted before, because the amount of notes tendered as of the early deadline exceeds the $500 million offer cap, any notes that will be accepted for purchase will be prorated.
The offer was extended from 11:59 p.m. ET on Nov. 26. Settlement will now occur on Dec. 12.
As previously announced, the offer is intended to lower the company's interest cost and extends its debt maturities. Funding will come from new bonds or a term loan.
The offer is subject to a financing condition.
Bank of America Merrill Lynch (646 855-3401 or 888 292-0070), Deutsche Bank Securities Inc. (212 250-7527 or 855 287-1922) and Goldman, Sachs & Co. (212 902-5183 or 800 828-3182) are dealer managers. D.F. King & Co., Inc. is information agent (212 269-5550 or 800 207-3158).
NXP is an Eindhoven, Netherlands-based maker of semiconductors.
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