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Avago completes tender offer for up to $250 million of 11 7/8%, 10 1/8% notes, floaters
By Jennifer Chiou
New York, Oct. 2 - Avago Technologies Finance Pte. Ltd. announced the completion of its cash tender offer for up to a total of $250 million of its $247.5 million of 11 7/8% senior subordinated notes due Dec. 1, 2015, $403,121,000 of its 10 1/8% senior notes due Dec. 1, 2013 and $50 million of its senior floating-rate notes due 2013.
The offer ended at midnight ET on Oct. 1.
The notes are listed in order of acceptance priority level.
At the end of the offer, the company said it received tenders from holders of $16,765,000 of 11 7/8% notes, $84,625,000 of the 10 1/8% notes and $4,319,000 of the floaters, unchanged from 5 p.m. ET on Sept. 17, the early deadline.
Avago previously said that all of the tendered 11 7/8% notes had been accepted for prompt payment.
The company also already added that all holders who tendered received the total consideration regardless of whether they tendered prior to the early deadline.
For each $1,000 principal amount, Avago said it paid $1,085 for the 11 7/8% notes, $1,055 for the 10 1/8% notes and $950 for the floaters. The payouts included a $20.00 premium for all tendering holders.
Before the change, only those who tendered by the early deadline of 5 p.m. ET on Sept. 17 would have received the premium.
The company also paid accrued interest.
Citi (800 558-3745 or call collect 212 723-6106) was the dealer manager. Global Bondholder Services Corp. (866 470-4300 or call collect 212 430-3774) was the depositary and information agent.
Avago is a Singapore-based supplier of analog interface components for communications, industrial and consumer applications.
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