Freescale Semiconductor repurchases $85 million of notes in first half

By Angela McDaniels

Tacoma, Wash., July 28 - Freescale Semiconductor Inc. repurchased $10 million of its 8 7/8% notes due 2014, $67 million of its 10 1/8% senior subordinated notes due 2016 and $8 million of its floating-rate notes due 2014 during the first half of 2008.

The repurchases were reported in the company's 10-Q report for the second quarter, which was filed with the Securities and Exchange Commission on Monday.

Freescale Semiconductor said it used funds from its short-term investment portfolio for the purchase and early retirement of these notes at an $18 million discount.

As of June 27, the company had about $5.87 billion of senior notes outstanding, including $2.34 billion of the 8 7/8% notes, $1.53 billion of the 10 1/8% notes, $492 million of the floating-rate notes and $1.5 billion of its 9 1/8% PIK-election senior toggle notes due 2014.

As previously reported, the company repurchased $10 million of the 8 7/8% notes and $13 million of the 10 1/8% notes during the first quarter. The notes were retired at a $6 million discount.

Freescale Semiconductor ended the first quarter with $5.93 billion of senior notes outstanding, including $2.34 billion of the 8 7/8% notes, $1.59 billion of the 10 1/8% notes, $500 million of the floating-rate notes and $1.5 billion of 9 1/8% toggle notes.

The company is an Austin, Texas-based designer and manufacturer of embedded semiconductors for the automotive, consumer, industrial, networking and wireless markets.

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