By Paul A. Harris
Portland, Ore., Feb. 20 - Advanced Micro Devices Inc. priced an upsized $600 million issue of five-year senior notes (B2/B/) at par to yield 6¾% on Thursday, according to a syndicate source.
The deal was upsized from $500 million.
The yield printed at the tight end of the 6¾% to 7% yield talk.
BofA Merrill Lynch was the left bookrunner. J.P. Morgan Securities LLC was the joint bookrunner.
The Sunnyvale, Calif.-based semiconductor company plans to use the proceeds to repurchase up to $425 million of its 6% senior convertible notes due 2015 and up to $200 million of its 8 1/8% senior notes via tender offers.
| Issuer: | Advanced Micro Devices, Inc.
|
| Amount: | $600 million, increased from $500 million
|
| Maturity: | March 1, 2019
|
| Securities: | Senior notes
|
| Left bookrunner: | BofA Merrill Lynch
|
| Joint bookrunner: | J.P. Morgan Securities LLC
|
| Co-managers: | Wells Fargo Securities LLC, Barclays, Morgan Stanley & Co. LLC
|
| Coupon: | 6¾%
|
| Price: | Par
|
| Yield: | 6¾%
|
| Spread: | 521 bps
|
| Call protection: | Non-callable
|
| Make-whole call: | Treasuries plus 50 bps
|
| Equity clawback: | 35% at 106.75 until March 1, 2017
|
| Change-of-control put: | 101%
|
| Trade date: | Feb. 20
|
| Settlement date: | Feb. 26
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 6¾% to 7%
|
| Marketing: | Quick to market
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
