Published on 6/7/2022 in the Prospect News Investment Grade Daily.
New Issue: Advanced Micro Devices prices $1 billion of notes in two parts
By Wendy Van Sickle
Columbus, Ohio, June 7 – Advanced Micro Devices, Inc. priced $1 billion of senior notes (A3/A-) in two parts on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
The company priced $500 million of 3.924% senior notes due 2032 at par and a spread over Treasuries of 95 basis points.
AMD also sold $500 million of 4.393% senior notes due 2052 at par and a spread over Treasuries of 125 bps.
The notes feature a make-whole call and then a par call.
Barclays, BofA Securities Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, MUFG, Citigroup Global Markets Inc., BNY Mellon Capital Markets, LLC, Standard Chartered Bank, Guzman & Co., Loop Capital Markets LLC and Stern Brothers & Co. are the bookrunners.
Proceeds will be used for general corporate purposes.
The semiconductor company is based in Santa Clara, Calif.
| Issuer: | Advanced Micro Devices, Inc.
|
| Amount: | $1 billion
|
| Issue: | Senior notes
|
| Bookrunners: | Barclays, BofA Securities Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, MUFG, Citigroup Global Markets Inc., BNY Mellon Capital Markets, LLC, Standard Chartered Bank, Guzman & Co., Loop Capital Markets LLC and Stern Brothers & Co.
|
| Trustee: | U.S. Bank Trust Co., NA
|
| Counsel to issuer: | Latham & Watkins LLP
|
| Counsel to underwriters: | Davis Polk & Wardwell LLP
|
| Trade date: | June 7
|
| Settlement date: | June 9
|
| Ratings: | Moody’s: A3
|
| S&P: A-
|
| Distribution: | SEC registered
|
|
|
| 10-year notes
|
| Amount: | $500 million
|
| Maturity: | June 1, 2032
|
| Coupon: | 3.924%
|
| Price: | Par
|
| Yield: | 3.924%
|
| Spread: | Treasuries plus 95 bps
|
| Call features: | Make-whole call before March 1, 2032 at Treasuries plus 15 bps; thereafter at par
|
| Cusip: | 007903BF3
|
|
|
| 30-year notes
|
| Amount: | $500 million
|
| Maturity: | June 1, 2052
|
| Coupon: | 4.393%
|
| Price: | Par
|
| Yield: | 4.393%
|
| Spread: | Treasuries plus 125 bps
|
| Call features: | Make-whole call before Dec. 1, 2051 at Treasuries plus 20 bps; thereafter at par
|
| Cusip: | 007903BG1
|
|
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