Analog Devices starts any-and-all tender offer for six senior notes

Chicago, Sept. 28 – Analog Devices, Inc. has started an any-and-all tender offer for six series of notes, according to a press release.

The company is offering to buy the following:

• $400 million outstanding 2.5% senior notes due December 2021 (ISIN: US032654AL98) with pricing based on the 1.25% U.S. Treasury due Oct. 31, 2021 plus a fixed spread of 12.5 basis points;

• $500 million outstanding 2.875% senior notes due June 2023 (ISIN: US032654AH86) with pricing based on the 0.125% U.S. Treasury due May 31, 2023 plus 15 bps;

• $550 million outstanding 3.125% senior notes due December 2023 (ISIN: US032654AM71) with pricing based on the 1.375% U.S. Treasury due Sept. 30, 2023 plus 15 bps;

• $850 million outstanding 3.9% senior notes due December 2025 (ISIN: US032654AJ43) with pricing based on the 0.25% U.S. Treasury due Aug. 31, 2025 plus 25 bps;

• $250 million outstanding 4.5% senior notes due December 2036 (ISIN: US032654AP03) with pricing based on the 1.25% U.S. Treasury due Aug. 15, 2031 plus 105 bps; and

• $400 million outstanding 5.3% senior notes due December 2045 (ISIN: US032654AK16) with pricing based on the 2.375% U.S. Treasury due May 15, 2051 plus 90 bps.

All of the prices, except for the 2.875% notes due 2023, will be calculated using the first par call date.

Pricing will be determined at 2 p.m. ET on Oct. 4.

Interest will be paid to the Oct. 5 settlement date.

The offer will expire at 5 p.m. ET on Oct. 4.

Settlement for notes tendered via guaranteed delivery methods is expected to be Oct. 7.

The offer is subject to a financing condition, namely the completion of an offer of new senior notes.

The notes that are not tendered for the series with maturities between 2021 and 2025, the first four series listed above, may be redeemed with any remaining net proceeds from the offering of new notes after the offer is finished.

Barclays (212 528-7581, 800 438-3242), Credit Suisse Securities (USA) LLC (212 325-7823, 800 820-1653) and Morgan Stanley & Co. LLC (212 761-1057, 800 624-1808) are the dealer managers.

D.F. King & Co., Inc. (800 549-6864, adi@dfking.com) is the information and tender agent for the offer.

The maker of circuits for electronic equipment is based in Wilmington, Mass.

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