Analog Devices provides results of expired senior notes tender offer

Chicago, Oct. 5 – Analog Devices, Inc.’s tender offer for six senior notes has expired, according to a press release.

Noteholders tendered the following amounts of notes by the expiration time:

• $71,181,000, or 17.80%, of the $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, at $1,001.77;

• $133,317,000 (plus $730,000 that remain subject to guaranteed delivery procedures), or 26.66%, of the $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, at $1,041.39;

• $282,735,000 (plus $1,309,000 that remain subject to guaranteed delivery procedures), or 51.41%, of the $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, at $1,053.78;

• $323,313,000 (plus $3,085,000 that remain subject to guaranteed delivery procedures), or 38.04%, of the $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, at $1,112.13;

• $105,722,000, or 42.29%, of the $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, at $1,239.96; and

• $67,413,000, or 16.85%, of the $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, at $1,400.67.

The offer expired at 5 p.m. ET on Oct. 4.

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

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

As previously reported, the offer was subject to a financing condition, namely the completion of an offer of new senior notes. Accordingly, the offer will be funded from the completed sale on Tuesday of new floating-rate senior notes due 2024, 1.7% sustainability-linked senior notes due 2028, 2.1% senior notes due 2031, 2.8% senior notes due 2041 and 2.95% senior notes due 2051.

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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