Broadcom gives final results on tender offers for seven note series

By Taylor Fox

New York, Feb. 2 – Broadcom Inc. announced the final results of its cash tender offers and simultaneous consent solicitations for seven series of its notes due 2021 to 2023, according to a press release.

As previously reported, the offers were announced on Jan. 4 with a maximum size of up to $2.75 billion initially, then increased to $3.5 billion later in the day as Broadcom announced the pricing of $10 billion of new senior notes.

The offers expired at 11:59 p.m. ET on Feb. 1.

The final tenders received, listed in the order of acceptance priority, are:

• $251,149,000 of the $525,342,000 outstanding 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;

• $272,719,000 of the $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;

• $139,866,000 of the $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;

• $504,961,000 of the $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;

• $738,934,000 of the $1 billion outstanding of 2.65% senior notes due 2023 (Cusip: 11134LAM1) issued by Broadcom Corp. for $1,015 per $1,000 of notes;

• $107,403,000 of the $250 million outstanding of 4.5% senior notes due 2023 (Cusip: 12673PAE5) issued by CA for $1,073.30 per $1,000 of notes; and

• $894,803,000 of the $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.

The company had received and accepted tenders for $2,901,258,000 of notes by the early deadline of 5 p.m. ET on Jan. 15.

All notes tendered after the early deadline and before the expiration date have been accepted for purchase.

Holders who tendered their notes by the early deadline received an early tender premium of $30 per $1,000 face amount of notes. Early settlement was on Jan. 20.

Final settlement will be on Feb. 3.

Broadcom is funding the tender offer with an issue of new notes.

In connection with the early results of the tender offers and solicitation of consents, Broadcom entered into supplemental indentures with Wilmington Trust, NA, as trustee, in connection with the 3.125% senior notes due 2022 of Broadcom Inc., the 2.65% senior notes due 2023 of Broadcom Corp. and the 2.25% senior notes due 2023 of Broadcom Inc. to reduce the notice requirements for optional redemption from 30 days to three business days.

Citigroup Global Markets Inc. (212 723-6106, 800 558-3745) and Wells Fargo Securities, LLC (704 410-4756, 866 309-6316; liabilitymanagement@wellsfargo.com) were dealer managers for the tender offers and consent solicitations. D.F. King & Co., Inc. (212 269-5550, 866 416-0577) was 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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