Infineon Technologies sets talk for benchmark two-part perpetuals

By Paul A. Harris

Portland, Ore., Sept. 25 – Infineon Technologies AG set price talk in a benchmark euro-denominated offering of undated subordinated resettable fixed-rate notes on Wednesday, according to a market source.

The deal includes a tranche of notes that become callable in April 2025 (5.5 years) talked at 3%. Initial guidance was 3% to 3¼%.

Infineon Technologies also intends to place notes callable in April 2028 (8.5 years) talked in the 3 7/8% area, on top of initial price talk.

Tranche sizes as well as the overall size of the two-part offering were pending at press time.

Joint bookrunner UniCredit will bill and deliver. BofA Securities, BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs International and JPMorgan are also joint bookrunners.

The Neubiberg, Germany-based semiconductor company plans to use proceeds from the Regulation S deal to cancel or prepay loans incurred in its acquisition of Cypress Semiconductor Corp. and for general corporate purposes.

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