By Paul A. Harris
Portland, Ore., Feb. 20 - Advanced Micro Devices Inc. priced an upsized $600 million issue of five-year senior notes (B2/B/) at par to yield 6¾% on Thursday, according to a syndicate source.
The deal was upsized from $500 million.
The yield printed at the tight end of the 6¾% to 7% yield talk.
BofA Merrill Lynch was the left bookrunner. J.P. Morgan Securities LLC was the joint bookrunner.
The Sunnyvale, Calif.-based semiconductor company plans to use the proceeds to repurchase up to $425 million of its 6% senior convertible notes due 2015 and up to $200 million of its 8 1/8% senior notes via tender offers.
Issuer: | Advanced Micro Devices, Inc.
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Amount: | $600 million, increased from $500 million
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Maturity: | March 1, 2019
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Securities: | Senior notes
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Left bookrunner: | BofA Merrill Lynch
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Joint bookrunner: | J.P. Morgan Securities LLC
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Co-managers: | Wells Fargo Securities LLC, Barclays, Morgan Stanley & Co. LLC
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Coupon: | 6¾%
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Price: | Par
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Yield: | 6¾%
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Spread: | 521 bps
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Call protection: | Non-callable
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Make-whole call: | Treasuries plus 50 bps
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Equity clawback: | 35% at 106.75 until March 1, 2017
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Change-of-control put: | 101%
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Trade date: | Feb. 20
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Settlement date: | Feb. 26
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Ratings: | Moody's: B2
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| Standard & Poor's: B
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Distribution: | Rule 144A and Regulation S with registration rights
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Price talk: | 6¾% to 7%
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Marketing: | Quick to market
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