NXP secures $1 billion 364-day senior unsecured bridge term facility

By Sarah Lizee

Olympia, Wash., Sept. 20 – NXP Semiconductors NV subsidiaries NXP BV and NXP Funding LLC entered into a $1 billion 364-day senior unsecured bridge term credit facility agreement on Wednesday, according to a 6-K filing with the Securities and Exchange Commission.

Borrowings bears interest at Libor plus 150 basis points.

Proceeds will be used for general corporate purposes as well as to finance parts of an equity buyback program.

At closing, a total of $1 billion of term loans were borrowed under the agreement.

Obligations under the agreement are guaranteed by NXP Semiconductors Netherlands BV, Freescale Semiconductor Holdings V, Inc. and NXP USA, Inc.

Barclays Bank plc, Credit Suisse Loan Funding LLC, Bank of America Merrill Lynch International Ltd., Deutsche Bank Securities Inc. and Morgan Stanley Senior Funding, Inc. are joint lead arrangers and joint bookrunners. Barclays is the administrative agent.

NXP is an Eindhoven, Netherlands, maker of semiconductors.

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