Avago Technologies to redeem some 10 1/8%, 11 7/8% notes with IPO proceeds

New York, Aug. 21 - Avago Technologies Finance Pte. Ltd. plans to redeem $153 million of its 10 1/8% senior notes due Dec. 1, 2013 and $87.5 million of its 11 7/8% senior subordinated notes due Dec. 1, 2015 with part of the proceeds of a planned $400 million initial public offering of stock.

Funds raised will also be used to terminate the advisory agreement with its equity sponsors and for working capital, capital expenditures and general corporate purposes.

Avago registered the planned stock offering in an S-1 registration with the Securities and Exchange Commission Thursday.

Deutsche Bank Securities, Lehman Brothers, Morgan Stanley and Citi are the lead managers for the offering.

The company said it applied to list the shares under "AVGO" on the Nasdaq Global Select Market.

Avago is a Singapore-based supplier of analog interface components for communications, industrial and consumer applications.

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