NXP cuts term D to $400 million, sets pricing at Libor plus 250 bps

By Sara Rosenberg

New York, Nov. 25 - NXP downsized its covenant-light term loan D due January 2020 to $400 million from $496 million and firmed pricing at Libor plus 250 basis points, the tight end of the Libor plus 250 bps to 275 bps, according to a market source.

The term loan D still has a 0.75% Libor floor, a par offer price and 101 soft call protection for six months.

Recommitments were due at noon ET on Monday, the source said.

Deutsche Bank Securities Inc. is the bookrunner on the deal. Barclays is the administrative agent.

Proceeds will be used with cash and a revolver draw to refinance/reprice an existing term loan C that is priced at Libor plus 350 bps with a 1.25% Libor floor.

Closing is targeted for Dec. 10, and a 101 call premium will be paid on the term loan C.

NXP is an Eindhoven, Netherlands-based maker of semiconductors.

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