Broadcom tenders for up to $2.75 billion of seven series of notes

By Cady Vishniac

Detroit, Jan. 4 – Broadcom Inc. has launched cash tenders and simultaneous consent solicitations for up to $2.75 billion of seven series of notes due 2021 to 2023, according to a press release.

The tender offers, listed in the order of priority, are:

• $525,342,000 outstanding of 3.125% senior notes due 2021 (Cusips: 11135FAA9, U1109MAA4 and 11135FAW1) issued by Broadcom Inc. for $976.80 per $1,000 face amount of notes;

• $841,913,000 outstanding of 3% senior notes due 2022 (Cusips: 11134LAC3, U1108LAB5 and 11134LAD1) issued by Broadcom Corp. for $994.20 per $1,000 of notes;

• $283,351,000 outstanding of 3.6% senior notes due 2022 (Cusip: 12673PAH8) issued by CA, Inc. for $1,017.80 per $1,000 of notes;

• $692,841,000 outstanding of 3.125% senior notes due 2022 (Cusips: 11135FAC5, U1109MAC0 and 11135FAX9) issued by Broadcom Inc. for $1,018.30 per $1,000 of notes;

• $1 billion outstanding of 2.65% senior notes due 2023 (Cusip: 11134LAM1) issued by Broadcom Corp. for $1,015 per $1,000 of notes;

• $250 million outstanding of 4.5% senior notes due 2023 (Cusip: 12673PAE5) issued by CA, Inc. for $1,073.30 per $1,000 of notes; and

• $1 billion outstanding of 2.25% senior notes due 2023 (Cusips: 11135AU5, U1109MAN6 and 11135FAV3) issued by Broadcom Inc. for $1,020.20 per $1,000 of notes.

Broadcom plans to fund the tender offer with an issue of new notes. It may also increase the $2.75 billion cap depending on the amount of proceeds of the new notes once they are issued.

Broadcom has also launched related consent solicitations to amend the indentures of the notes to require only three days’ notice before optional redemption, rather than the current 15 or 30 days for each note series.

The offer expires at 11:59 p.m. ET on Feb. 1. Holders who tender their notes by the early deadline of 5 p.m. ET on Jan. 15 will also receive an early tender premium of $30 per $1,000 face amount of notes.

Citigroup Global Markets Inc. (212 723-6106, 800 558-3745) and Wells Fargo Securities, LLC (704 410-4756, 866 309-6316; liabilitymanagement@wellsfargo.com) are acting the dealer managers for the tenders and consents. D.F. King & Co., Inc. (212 269-5550, 866 416-0577) is the information and tender agent.

Broadcom is a San Jose, Calif.-based designer and developer of semiconductor and infrastructure software solutions.

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