Freescale's upsized $800 million loan breaks at 991/2, trades to 99 7/8

By Paul A. Harris

Portland, Ore., Sept. 6 - Freescale Semiconductor Inc.'s massively upsized $800 million Libor plus 375 bps senior secured term loan B-5 due Jan. 15, 2021 broke at 99½ and traded to 99 7/8 bid on Friday, a market source said.

The discount was hacked by 50 basis points from the 99 OID talk.

The company upsized the deal from $300 million on Thursday, after having closed the books a day early on Wednesday.

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

The deal features a 1.25% Libor floor and 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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