Avago gives early results in tenders for up to $250 million of 11 7/8%, 10 1/8% notes, floaters

By Jennifer Chiou

New York, Sept. 18 - Avago Technologies Finance Pte. Ltd. announced the early results as well as changes to the cash tender offer for up to a total of $250 million of its $247.5 million of 11 7/8% senior subordinated notes due Dec. 1, 2015, $403,121,000 of 10 1/8% senior notes due Dec. 1, 2013 and $50 million of senior floating-rate notes due 2013.

The notes are listed in order of acceptance priority level.

As of 5 p.m. ET on Sept. 17, the company said it received tenders from holders of $16,765,000 of 11 7/8% notes, $84,625,000 of the 10 1/8% notes and $4,319,000 of the floaters.

Avago said that all of the tendered 11 7/8% notes have been accepted for prompt payment.

The company also added that all holders who tender will receive the total consideration regardless of whether they tender prior to the early deadline.

For each $1,000 principal amount, Avago said it will pay $1,085 for the 11 7/8% notes, $1,055 for the 10 1/8% notes and $950 for the floaters. The payouts include a $20 premium for all tendering holders.

Before, only those who tendered by the early deadline of 5 p.m. ET on Sept. 17 would have received the premium.

The offer ends at midnight ET on Oct. 1.

The company will also pay accrued interest.

Citi (800 558-3745 or call collect 212 723-6106) is the dealer manager. Global Bondholder Services Corp. (866 470-4300 or call collect 212 430-3774) is the depositary and information agent.

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

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