Microsemi to spend $200 million in tender for 9 1/8% notes so far

By Susanna Moon

Chicago, May 25 – Microsemi Corp. said it accepted tenders for its 9 1/8% senior notes due 2023 that will result in a purchase price of $200 million.

The early tender deadline was 5 p.m. ET on May 24, and the company accepted the tendered notes for purchase using a proration rate of about 48%, according to a company update on Thursday.

As announced May 11, Microsemi was offering to pay up to $200 million in the tender for its $450 million of 9 1/8% notes.

The total purchase price will be $1,171.25 for each $1,000 principal amount of notes tendered by the early tender date, which includes an early tender premium of $30.00 per $1,000 of notes.

The company also will pay accrued interest up to but excluding the settlement date, which could be as early as May 25 for notes tendered by the early deadline and June 9 for remaining tenders.

The tender offer is set to end at 11:59 p.m. ET on June 8.

The withdrawal rights expired at 5 p.m. ET on May 24.

MUFG Securities Americas Inc. (212 405-7481 or 877 744-4532) is the dealer manager. SunTrust Robinson Humphrey, Inc. (404 926-5047) is the co-dealer manager. D.F. King & Co., Inc. (212 269-5550, 888 887-0082 or mscc@dfking.com) is the tender agent and information agent.

Microsemi is an Aliso Viejo, Calif.-based provider of semiconductor solutions.

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