Avago accepts tenders for 15.4% of 10 1/8% notes

By Jennifer Chiou

New York, April 20 - Avago Technologies said it accepted tenders from holders of $76.879 million, or 15.4%, of Avago Technologies Finance Pte. Ltd.'s $500 million 10 1/8% senior notes due 2013.

The tender offer expired at midnight ET on April 19.

The company began the modified Dutch auction tender offer for up to $100 million of the notes on March 23.

For each $1,000 principal amount of tendered notes that it accepts, Avago paid $1,060. Noteholders also received accrued interest up to but excluding the purchase date.

In addition, the company paid a $30.00 premium for notes tendered by April 5, the early deadline.

The company previously said it would accept tenders in the order of lowest to highest tender prices given by holders, within the specified range, adding that the purchase price was to be the single lowest price given that would allow it to buy $100 million of the notes, or all the notes tendered if that amount is smaller.

Avago already noted that it would pay the same purchase price for all notes tendered.

If more than $100 million principal amount of notes had been tendered, the company would have accepted for purchase all of the notes tendered below the purchase price and then accepted notes tendered at the purchase price on a pro rata basis.

Lehman Brothers Inc. (800 438-3242 or 212 528-7581 in the United States or 65 6433-6288 in Singapore) was dealer manager. D.F. King & Co., Inc. (800 758-5378 or 212 269-5550) was information agent.

Avago is a Singapore-based semiconductor company.

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