By Paul A. Harris
Portland, Ore., Aug. 8 – NXP Semiconductors NV subsidiaries NXP BV and NXP Funding LLC priced $1 billion of six-year senior notes (Ba1/BBB-) at par to yield 3 7/8% on Monday, according to market sources.
The yield printed on top of yield talk and in the middle of the 3¾% to 4% initial guidance.
Joint physical bookrunner BofA Merrill Lynch will bill and deliver. Morgan Stanley & Co. was also a joint physical bookrunner. Citigroup Global Markets, Deutsche Bank Securities Inc. and Goldman Sachs & Co. were joint bookrunners.
Proceeds, together with cash on hand, will be used to redeem the remaining $960 million FSL 6% secured notes due 2022.
NXP is an Eindhoven, Netherlands semiconductor manufacturer.
| Issuer: | NXP BV and NXP Funding LLC
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| Amount: | $1 billion
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| Maturity: | Sept. 1, 2022
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| Securities: | Senior notes
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| Joint physical bookrunners: | BofA Merrill Lynch (bill and deliver), Morgan Stanley & Co.
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| Joint books: | Citigroup Global Markets, Deutsche Bank Securities Inc., Goldman Sachs & Co.
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| Coupon: | 3 7/8%
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| Price: | Par
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| Yield: | 3 7/8%
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| Spread: | 257 bps
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| Call protection: | Make-whole call at Treasuries plus 50 bps until one month prior to maturity, then callable at par, otherwise non-callable
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| Trade date: | Aug. 8
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| Settlement date: | Aug. 11
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| Ratings: | Moody’s: Ba1
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| Standard & Poor’s: BBB-
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| Distribution: | Rule 144A for life
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| Price talk: | 3 7/8% area
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| Marketing: | Quick to market
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