Freescale term loan due 2021 grows to $800 million from $300 million

By Paul A. Harris

Portland, Ore., Sept. 5 - Freescale Semiconductor Inc. upsized its senior secured term loan B-5 due Jan. 15, 2021 by half a billion dollars on Thursday to $800 million from $300 million, after having closed the books a day early on Wednesday, market sources said.

The deal is expected to allocate on Friday.

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

Pricing is unchanged at Libor plus 375 basis points with a 1.25% Libor floor and an original issue discount of 99, a buyside 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.

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

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