By Paul A. Harris
Portland, Ore., May 6 - Netherlands-based NXP BV and NXP Funding LLC priced a massively upsized $750 million issue of non-callable five-year senior notes (B3/B/) at par to yield 3¾% on Monday, according to a syndicate source.
The deal was upsized from $500 million.
The yield printed on top of yield talk.
Morgan Stanley & Co. LLC, Barclays, Credit Suisse Securities (USA) LLC and KKR Capital Markets were the joint bookrunners for the quick-to-market transaction.
The Eindhoven, Netherlands, semiconductor company plans to use the proceeds to redeem its dollar-denominated floating-rate notes due 2016, with any remaining proceeds to repay the revolver.
| Issuers: | NXP BV and NXP Funding LLC
|
| Amount: | $750 million, increased from $500 million
|
| Maturity: | June 1, 2018
|
| Securities: | Senior notes
|
| Bookrunners: | Morgan Stanley & Co. LLC, Barclays, Credit Suisse Securities (USA) LLC, KKR Capital Markets
|
| Coupon: | 3¾%
|
| Price: | Par
|
| Yield: | 3¾%
|
| Spread: | 301 bps
|
| Call protection: | Non-callable
|
| Make-whole: | Treasuries plus 50 bps
|
| Trade date: | May 6
|
| Settlement date: | May 20
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Quick to market
|
| Price talk: | 3¾%
|
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