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Dialog Semiconductor outlines expected pricing on proposed term loan
By Sara Rosenberg
New York, Oct. 26 – Dialog Semiconductor plc said in a 425 filed with the Securities and Exchange Commission on Monday that its proposed $2.1 billion seven-year covenant-light term loan is expected to have pricing of Libor plus 325 basis points with a 0.75% Libor floor.
Morgan Stanley Senior Funding Inc. is the lead bank on the deal.
Proceeds will be used to help fund the acquisition of Atmel Corp. for total consideration of about $4.6 billion.
Other funds for the transaction will come from existing cash and the issuance to Atmel shareholders of around 49 million American Depository Shares.
Leverage will be about 3 times net debt to estimated LTM EBITDA at closing.
Closing is expected in the first quarter of 2016, subject to regulatory approvals, the approval of Dialog and Atmel shareholders and customary conditions.
Dialog Semiconductor is a London-based provider of highly integrated standard and custom mixed-signal integrated circuits. Atmel is a San Jose, Calif.-based designer and manufacturer of microcontrollers, capacitive touch solutions, advanced logic, mixed-signal, non-volatile memory and radio frequency components.
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