NXP to redeem secured notes due 2016 with proceeds from new notes

By Marisa Wong

Madison, Wis., May 6 - NXP BV intends to repay amounts outstanding under its dollar-denominated floating-rate senior secured notes due 2016 using proceeds from a $500 million offering of a new series of notes due 2018, according to a 6-K filing with the Securities and Exchange Commission.

NXP will redeem a total of $615,537,000 of 2016 notes, a market source said.

Other funds for the buyback will come from borrowings under the company's revolving credit facility and cash on hand.

NXP is an Eindhoven, Netherlands-based semiconductor company.

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