Keysight Technologies plans to sell $1.1 billion of senior notes

By Aleesia Forni

Virginia Beach, Oct. 6 – Keysight Technologies Inc. plans to price up to $1.1 billion of senior notes in a private placement subject to market conditions, according to a company press release.

The notes will be sold via Rule 144A and Regulation S.

Proceeds will be used to make a cash distribution to Agilent Technologies, Inc., of which Keysight is a wholly owned subsidiary, and to fund working capital and other liquidity needs.

The notes will initially will be guaranteed by Agilent, which will terminate upon the earliest to occur of the completion of Keysight’s previously announced separation from Agilent, Agilent ceasing to beneficially own a majority of Keysight’s common stock and the consummation of a legal defeasance or covenant defeasance or discharge of the indenture relating to the notes.

Keysight is a Santa Rosa, Calif.-based electronic measurement technology company.

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