Motorola Solutions wraps oversubscribed $540 million tender offer

By Jennifer Chiou

New York, June 21 - Motorola Solutions, Inc. announced the successful close of its in-demand cash tender offer for up to $540 million of five series of its notes.

Listed in order of priority acceptance level, the company accepted tenders for:

• $173,764,000, or 82.66%, of the $210,227,000 of 6.5% debentures due 2028 with a total consideration of $1,119.89 per $1,000 principal amount;

• $196,008,000, or 62.44%, of the $313.9 million of 6.5% debentures due 2025 with a total consideration of $1,136.51; and

• An 83.29% proration factor of the $204,478,000 tenders for the $224,761,000 6.625% senior notes due 2037, which had a total consideration of $1,159.35.

Because the offer was oversubscribed, neither the 6% senior notes due 2017, which had a total consideration of $1,165.44, nor the 7.5% debentures due 2025, with a total consideration of $1,199.78, were accepted.

The payouts included a $50.00 early tender premium for those who tendered prior to 5 p.m. ET on June 6.

The offer ended at midnight ET on June 20.

Goldman Sachs & Co. (800 828-3182 or call collect 212 902-5128), Citigroup Global Markets Inc. (800 558-3745 or call collect 212 723-6106) and Credit Suisse Securities (USA) LLC (800 820-1653 or call collect 212 325-5912) were the lead dealer managers. Global Bondholder Services Corp. was the depositary and the information agent (866 794-2200).

Schaumburg, Ill.-based Motorola provides technologies, products, systems and services, including wireless handsets, wireless accessories and digital entertainment devices.

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