New Issue: Analog Devices prices $300 million of 4.25% 10-year senior notes at 106 bps spread

By Wendy Van Sickle

Columbus, Ohio, Sept. 8 – Analog Devices, Inc. sold $300 million of 4.25% 10-year senior notes (A3/A-) on Thursday at a spread of 106 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.

The issue was sold at 99.36 to yield 4.329%.

SMBC Nikko Securities America, Inc. was the bookrunner.

Proceeds will be used for general corporate purposes, which may include capital expenditures, repurchases of common stock, repayment or refinancing of debt, dividend payments and acquisitions.

The maker of circuits for electronic equipment is based in Norwood, Mass.

Issuer:	Analog Devices, Inc.
Amount:	$300 million
Issue:	Senior notes
Maturity:	Oct. 1, 2032
Bookrunner:	SMBC Nikko Securities America, Inc.
Co-managers:	Academy Securities, Inc., Roberts & Ryan Investments Inc. and Siebert Williams Shank & Co., LLC
Trustee:	Bank of New York Mellon Trust Co., NA
Counsel to issuer:	Wilmer Cutler Pickering Hale and Dorr LLP
Counsel to underwriters:	Cravath, Swaine & Moore LLP
Coupon:	4.25%
Price:	99.36
Yield:	4.329%
Spread:	Treasuries plus 106 bps
Call features:	Make-whole before July 1, 2032 at greater of par or Treasuries plus 20 bps; thereafter at par
Change-of-control put:	At 101
Trade date:	Sept. 8
Settlement date:	Sept. 15
Ratings:	Moody’s: A3
	S&P: A-
Distribution:	SEC registered
Cusip:	032654AY1

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