Freescale readies launch of $300 million term loan B-5 for Wednesday

By Sara Rosenberg

New York, Sept. 3 - Freescale Semiconductor Inc. will hold a conference call at 9 a.m. ET on Wednesday to launch a new $300 million senior secured term loan B-5 due Jan. 15, 2021, according to a market source.

Deutsche Bank Securities Inc., Barclays and Citigroup Global Markets Inc. are the bookrunners on the deal.

The term loan B-5 is talked at Libor plus 375 basis points with a 1.25% Libor floor and an original issue discount of 99, the source said.

Included in the B-5 loan is 101 soft call protection for one year.

Proceeds will be used to redeem the company's 10 1/8% senior secured notes due 2018 and a portion of its 9¼% senior secured notes due 2018.

Commitments for the new loan are due at 5 p.m. ET on Thursday, the source added.

Freescale is an Austin, Texas-based provider of embedded processing semiconductors and related solutions.

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