Microsemi to price $450 million 7.25-year notes in Thursday drive-by

By Paul A. Harris

Portland, Ore., Jan. 7 – Microsemi Corp., Inc. expects to price a $450 million offering of 7.25-year senior notes in a quick-to-market Thursday transaction, according to a syndicate source.

It is the new year's first new deal announcement, and upon completion would be 2016’s first syndicated issue.

Morgan Stanley & Co. LLC, MUFG and Deutsche Bank Securities Inc. are the joint bookrunners. BBVA, BMO Securities, Fifth Third Bank, PNC Capital Markets, RBC Capital Markets and SunTrust Robinson Humphrey Inc. are the co-managers.

Standard & Poor's assigns its B+ rating to the Rule 144A for life notes. A rating on the notes from Moody's Investors Service remains to be determined.

The notes come with three years of call protection.

Proceeds will be used to finance the cash portion of the acquisition of Sunnyvale, Calif.-based semiconductor company PMC-Sierra Inc. and to refinance Microsemi and PMC debt.

Microsemi is an Aliso Viejo, Calif.-based provider of semiconductor solutions.

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