NXP announces early tender offer results for 9¾% senior secured notes

By Marisa Wong

Madison, Wis., Nov. 14 - NXP Semiconductors NV announced that as of 5 p.m. ET on Nov. 9, the early tender deadline, holders tendered $678.02 million of 9¾% senior secured notes due 2018.

NXP began a cash tender offer on Oct. 24 for up to $500 million of the $922.47 million of outstanding 9¾% notes issued by NXP BV and NXP Funding LLC.

Because the amount of notes tendered as of the early deadline exceeds the $500 million offer cap, any notes that will be accepted for purchase will be prorated, according to a press release.

As reported, NXP will pay $1,172.50 per $1,000 principal amount of the notes to holders who tendered by the early deadline. Those who tender after that time will receive $1,142.50 per $1,000 of notes.

NXP will also pay accrued interest.

The offer ends at 11:59 p.m. ET on Nov. 26.

As previously announced, the offer is intended to lower the company's interest cost and extends its debt maturities. Funding will come from new bonds or a term loan.

The offer is subject to a financing condition and other conditions.

Bank of America Merrill Lynch (646 855-3401 or 888 292-0070), Deutsche Bank Securities Inc. (212 250-7527 or 855 287-1922) and Goldman, Sachs & Co. (212 902-5183 or 800 828-3182) are dealer managers. D.F. King & Co., Inc. is information agent (212 269-5550 or 800 207-3158).

NXP is an Eindhoven, Netherlands-based maker of semiconductors.

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