Freescale Semiconductor to redeem $500 million of 10 1/8% notes

By Ashley Montgomery

Kansas City, Kan., Feb. 29 - Freescale Semiconductor, Inc. will redeem $500 million of its 10 1/8% senior subordinated notes due 2016, according to a company news release.

The notes will be redeemed March 29 at 105.063 plus accrued interest up to the redemption date.

The company is funding the redemption with proceeds from its new term loans, announced Wednesday, and cash on hand.

Freescale is an Austin, Texas-based designer and manufacturer of embedded semiconductors for the automotive, consumer, industrial, networking and wireless markets.

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