New Issue: NXP prices $500 million eight-year notes at par to yield 5¾%

By Paul A. Harris

Portland, Ore., Jan. 31 - NXP BV and NXP Funding LLC priced a $500 million issue of eight-year senior notes (B3/B/) at par to yield 5¾% on Thursday, according to an informed source.

The yield printed on top of yield talk.

Morgan Stanley & Co. LLC, Barclays, Credit Suisse Securities (USA) LLC and KKR Capital Markets LLC were the joint bookrunners for the quick-to-market sale.

The Eindhoven, Netherlands-based maker of semiconductors plans to use the proceeds to repay $493.75 million of its second 2017 term loan.

Issuers:	NXP BV and NXP Funding LLC
Amount:	$500 million
Maturity:	Feb. 15, 2021
Securities:	Senior notes
Bookrunners:	Morgan Stanley & Co. LLC, Barclays, Credit Suisse Securities (USA) LLC, KKR Capital Markets LLC
Coupon:	5¾%
Price:	Par
Yield:	5¾%
Spread:	417 bps
Call features:	Make-whole call at Treasuries plus 50 bps until Feb. 15, 2017, then callable at 102.875, 101.438, par on and after Feb. 15, 2019
Equity clawback:	40% at 105.75 until Feb. 15, 2016
Trade date:	Jan. 31
Settlement date:	Feb. 14
Ratings:	Moody's: B3
	Standard & Poor's: B
Distribution:	Rule 144A and Regulation S for life
Price talk:	5¾% area
Marketing:	Quick to market

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