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Broadcom gives results of tender, consent bid for four note series
By Susanna Moon
Chicago, Feb. 2 – Broadcom Corp. announced the results of the tender offers and consent solicitation for four series of notes that ran for about a month until noon ET on Feb. 1.
Broadcom accepted all of the tendered notes as follows, according to a company news release:
• $383,183,000, or 76.64%, of the $500 million 2.7% senior notes due 2018;
• $490,706,000, or 98.14%, of the $500 million 2.5% senior notes due 2022;
• $343,160,000, or 98.05%, of the $350 million 3.5% senior notes due 2024; and
• $243,806,000, or 97.52%, of the $250 million 4.5% senior notes due 2034.
The company also solicited consents and waivers to avoid making a change-of-control offer that would have been triggered as a result of the company’s merger with Avago Technologies Ltd., which closed on Feb. 1.
The company said on Jan. 13 that it received the needed consents to amend the notes and that it had executed supplemental indentures, which are now operative.
The total purchase price is $1,010 for each $1,000 principal amount of notes tendered by 5 p.m. ET on Jan. 12, the consent date, according to a company announcement on Dec. 30.
The total amount includes a consent payment of $30 per $1,000 of notes.
Holders who tendered their notes after the early deadline will receive $980 per $1,000 principal amount, or the total amount less the consent payment.
The company also will pay accrued interest up to but excluding the settlement date of Feb. 2.
As of the consent deadline, investors had tendered 76.6% of the 2.7% notes, 98.09% of the 2.5% notes, 97.21% of the 3.5% notes and 97.52% of the 4.5% notes, according to a news release on Jan. 13.
Broadcom is an Irvine, Calif., maker of chips for broadcasting.
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