By Paul A. Harris
Portland, Ore., June 2 - Advanced Micro Devices, Inc. priced an upsized $500 million issue of 10-year senior notes (B2/B) at par to yield 7% on Monday, according to a market source.
The deal was increased from $400 million.
The yield printed 12.5 basis points inside of yield talk that had been set in the 7¼% area.
J.P. Morgan Securities LLC, BofA Merrill Lynch, Barclays, Wells Fargo Securities LLC and Deutsche Bank Securities Inc. were the joint bookrunners.
The Sunnyvale, Calif.-based semiconductor manufacturer plans to use the proceeds, together with cash on hand, to fund a he tender offer for its $452 million of outstanding 8 1/8% senior notes due 2017.
| Issuer: | Advanced Micro Devices, Inc.
|
| Amount: | $500 million, increased from $400 million
|
| Maturity: | 2024
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, BofA Merrill Lynch, Morgan Stanley & Co., Wells Fargo Securities LLC, Deutsche Bank Securities Inc.
|
| Coupon: | 7%
|
| Price: | Par
|
| Yield: | 7%
|
| Call protection: | Five years
|
| Trade date: | June 2
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 7¼% area
|
| Marketing: | Quick to market
|
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