Netherlands' NXP launches $500 million six-year term loan

By Paul A. Harris

Portland, Ore., Nov. 10 - NXP Semiconductors NV announced in a Thursday press release that its subsidiary, NXP BV, together with NXP Funding LLC has launched a transaction seeking commitments for up to $500 million in new senior secured loans due 2017.

The new secured loans would be drawn as additional loans under NXP's existing senior secured term loan facility due 2017.

Barclays Capital Inc. and Credit Suisse Securities (USA) LLC are the joint bookrunners.

The proceeds would be used to refinance a portion of NXP's existing secured floating-rate notes.

NXP further announced that NXP BV and NXP Funding closed the initial tranche of the previously announced private exchange transaction, issuing $534.5 million of senior secured floating-rate notes due 2016 in exchange for $250.5 million of its floating-rate notes due 2013 and €200.5 million of floating-rate notes due 2013.

NXP expects to complete the final tranche of the transaction by issuing the remaining $79.7 million of new floating-rate notes in November and retiring additional euro- and U.S.-dollar denominated floating-rate notes due 2013.

NXP is an Eindhoven, Netherlands-based semiconductor company.

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