Investor Silver Lake Partners purchases 2% seven-year convertibles
By Devika Patel
Knoxville, Tenn., Dec. 16 - Avago Technologies Ltd. arranged a $1 billion private placement of convertible senior notes with Silver Lake Partners IV, LP on Dec. 15, according to an 8-K filed Monday with the Securities and Exchange Commission. Deutsche Bank AG, Singapore Branch, was the lead manager.
The 2% note matures in seven years and is convertible into preferred stock or ordinary stock at $48.04 per share or preferred, which is a 5.24% premium to the Dec. 13 closing share price of $45.65. The company may redeem the note after five years.
Avago is a Singapore-based supplier of analog interface components for communications, industrial and consumer applications.
| Issuer: | Avago Technologies Ltd.
|
| Issue: | Convertible senior note
|
| Amount: | $1 billion
|
| Maturity: | Seven years
|
| Coupon: | 2%
|
| Conversion price: | $48.04
|
| Call: | Yes, after five years
|
| Warrants: | No
|
| Manager: | Deutsche Bank AG, Singapore Branch (lead)
|
| Investor: | Silver Lake Partners IV, LP
|
| Settlement date: | Dec. 15
|
| Stock symbol: | Nasdaq: AVGO
|
| Stock price: | $45.65 at close Dec. 13
|
| Market capitalization: | $12.36 billion
|
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