NXP pricing upsized $500 million 10-year notes Tuesday; yield talked at 5¾%

By Paul A. Harris

Portland, Ore., March 5 - NXP BV and NXP Funding LLC upsized their offering of 10-year notes to $500 million from $300 million and talked the notes with a yield in the 5¾% area on Tuesday morning, according to a syndicate source.

Books close at 12:30 p.m. ET, and the deal is set to price thereafter.

The drive-by deal was announced earlier in the session.

Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. and Deutsche Bank Securities Inc. are the joint bookrunners.

The Rule 144A and Regulation S with registration rights notes will become callable in five years at par plus 50% of the coupon.

The notes feature a three-year 40% equity clawback and a 101% poison put.

Proceeds will be used to refinance bank debt.

NXP is a semiconductor company based in Eindhoven, the Netherlands.

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