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Broadcom ups tender cap for three series of notes to $4.06 billion
By Rebecca Melvin
New York, April 22 – Broadcom Inc. announced that it has raised the maximum cap of its tender offer for three series of notes to $4,064,453,035, of which a total of up to $351.13 million may be used to purchase its 2.2% senior notes due Jan. 15, 2021.
The cap was raised from $3.75 billion, and the January 2021 notes cap was increased from $250 million.
The early tender deadline was 5 p.m. ET on April 21, and because the caps have been reached, notes are no longer being accepted for purchase. Previously the tender was going to expire at 11:59 p.m. ET on May 1.
As previously reported, Broadcom is offering to purchase notes from the following series, listed in the order of acceptance priority and with the total consideration per $1,000 principal amount:
• $3.5 billion outstanding 3% senior notes due Jan. 15, 2022, issued by Broadcom Corp. (Cusips: 11134LAC3, 11134LAD1, U1108LAB5) at $1,025, increased from $1,002.50 originally;
• $2 billion 3.125% senior notes due April 15, 2021 issued by Broadcom Inc. (Cusips: 11135FAA9, U1109MAA4) at $1,015, increased from $1,000 originally; and
• $750 million 2.2% senior notes due Jan. 15, 2021, issued by Broadcom Corp. (Cusips: 11134LAK5, 11134LAJ8, U1109LAE9) at $1,000.
Holders who tendered their notes prior to the early tender deadline are eligible to receive the total consideration, which includes an early tender premium of $30 per $1,000 principal amount.
The total consideration for the 3% notes is $2,420,051,650; the total consideration for the 3.125% notes due 2021 is $1,293,271,385; and the total consideration for the 2.2% notes due 2021 is $351.13 million.
J.P. Morgan Securities LLC (212 834-8553 or 866 834-4666) is dealer manager for the tender offers.
D.F. King & Co., Inc. (212 269-5550 for banks and brokers and 866 416-0577 for all others) is the information and tender agent.
Broadcom is a San Jose, Calif.-based semiconductor manufacturer and infrastructure software developer.
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