NXP plans to apply IPO proceeds toward long-term debt repayment

By Jennifer Chiou

New York, April 16 - NXP Semiconductors NV intends to use the proceeds from its up to $1.15 billion initial public offering to repay a portion of several series of its long-term debt securities, according to an F-1 filed with the Securities and Exchange Commission.

The Eindhoven, the Netherlands-based company said that the affected securities include:

• Euro-denominated 10% super-priority notes due July 15, 2013;

• Dollar-denominated 10% super-priority notes due July 15, 2013;

• Euro-denominated floating-rate senior secured notes due Oct. 15, 2013;

• Dollar-denominated floating-rate senior secured notes due Oct. 15, 2013;

• Dollar-denominated 7 7/8% senior secured notes due Oct. 15, 2014;

• Euro-denominated 8 5/8% senior notes due Oct. 15, 2015; and

• Dollar-denominated 9½% senior notes due Oct. 15, 2015.

The company said that it may redeem the notes, make open-market purchases, or enter into privately negotiated transactions or tender offers.

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