Freescale calls $93 million toggle notes and $262.5 million 10¾% notes

By Melissa Kory

Cleveland, June 2 - Freescale Semiconductor, Inc., a subsidiary of Freescale Semiconductor Holdings I, Ltd., will redeem $93 million of its 9 1/8%/9 7/8% senior payment-in-kind election notes due 2014 and $262.5 million of its 10¾% senior notes due 2020, according to an 8-K filed with the Securities and Exchange Commission.

The notes will be redeemed on July 1. The toggle notes will be redeemed at 104.563 plus accrued interest to the redemption date. The 10¾% notes will be redeemed at 110.75 plus accrued interest.

The redemption will be funded with proceeds from the initial public offering of the company's common shares, which closed on June 1.

Freescale makes embedded processing semiconductors and is based in Austin, Texas.

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