NXP Semiconductors N.V. (NXPI) Monday said its subsidiary, NXP B.V., together with NXP Funding LLC, has concluded a new $500 million Senior Secured Term Loan Facility due in 2017. The transaction is scheduled to close within a month.
The new loan has a margin of 3.25% above LIBOR, combined with a LIBOR floor of 1.25%, and was priced at 99.5%. The sole lead arranger on the transaction was Barclays Capital, the investment banking arm of Barclays Bank plc.
NXP separately said it intends to issue redemption notices for all $362 million outstanding of its 7.875% Senior Secured Notes due 2014, together with $100 million of its US dollar-denominated Floating Rate Notes due 2013 and $200 million of its Euro-denominated Floating Rate Notes due 2013.
For comments and feedback: editorial@rttnews.com