New Issue: Texas Instruments sells $750 million 3.875% notes due 2039 at 82 bps over Treasuries

By Cristal Cody

Tupelo, Miss., March 1 – Texas Instruments Inc. priced $750 million of 3.875% 20-year notes (A1/A+) on Friday at 99.106 to yield 3.94%, or a spread of 82 basis points over Treasuries, according to a market source and an FWP filing with the Securities and Exchange Commission.

The notes priced on the tight side of guidance in the Treasuries plus 85 bps area and better than initial talk in the 100 bps spread area.

Barclays, J.P. Morgan Securities LLC, MUFG, Citigroup Global Markets Inc., BofA Merrill Lynch, Mizuho Securities USA Inc. and Morgan Stanley & Co. LLC were the bookrunners.

Proceeds will be used for general corporate purposes.

Texas Instruments is a Dallas-based semiconductor designer and manufacturer.

Issuer:	Texas Instruments Inc.
Amount:	$750 million
Description:	Notes
Maturity:	March 15, 2039
Bookrunners:	Barclays, J.P. Morgan Securities LLC, MUFG, Citigroup Global Markets Inc., BofA Merrill Lynch, Mizuho Securities USA Inc. and Morgan Stanley & Co. LLC
Co-managers:	U.S. Bancorp Investments, Inc., Williams Capital Group, LP, BNP Paribas Securities Corp. and HSBC Securities (USA) Inc.
Coupon:	3.875%
Price:	99.106
Yield:	3.94%
Spread:	Treasuries plus 82 bps
Call features:	Make-whole call before Sept. 15, 2038 at greater of par and Treasuries plus 15 bps; thereafter at par
Trade date:	March 1
Settlement date:	March 11
Ratings:	Moody’s: A1
	S&P: A+
Distribution:	SEC registered
Price guidance:	Treasuries plus 85 bps area, plus or minus 3 bps; initial talk at Treasuries plus 100 bps area

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