By Andrea Heisinger
New York, March 30 - Analog Devices, Inc. sold $375 million of 3% five-year senior notes on Wednesday to yield 90 basis points over Treasuries, said a source away from the deal.
The notes (A3/A-/) were priced at 99.528 to yield 3.102%.
The notes have a make-whole call at Treasuries plus 15 bps and feature a change-of-control put at 101%.
Credit Suisse Securities (USA) LLC and Merrill Lynch were the bookrunners. The co-manager was Goldman Sachs & Co.
Proceeds are being used for general corporate purposes, including capital expenditures, common stock repurchases, dividend payments and acquisitions.
The maker of circuits for electronic equipment is based in Norwood, Mass.
| Issuer: | Analog Devices, Inc.
|
| Issue: | Senior notes
|
| Amount: | $375 million
|
| Maturity: | April 15, 2016
|
| Bookrunners: | Credit Suisse Securities (USA) LLC, Merrill Lynch
|
| Co-manager: | Goldman Sachs & Co.
|
| Coupon: | 3%
|
| Price: | 99.528
|
| Yield: | 3.102%
|
| Spread: | Treasuries plus 90 bps
|
| Call: | Make-whole at Treasuries plus 15 bps
|
| Change-of-control put: | 101%
|
| Trade date: | March 30
|
| Settlement date: | April 4
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
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