Summary
Analog Devices, Inc. (ADI) has filed an 8-K report detailing the issuance of $500 million in aggregate principal amount of 2.875% senior unsecured notes due June 1, 2023. The company entered into an Underwriting Agreement with J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, and Merrill Lynch, Pierce, Fenner & Smith Incorporated as representatives for the underwriters. The net proceeds from this offering are expected to be approximately $493.9 million, after deducting underwriting discounts and estimated expenses. A significant portion of these proceeds, approximately $393 million, will be used to redeem all outstanding 5.00% Senior Notes due July 1, 2014, on June 6, 2013. Any remaining funds will be allocated for general corporate purposes.
Key Highlights
- 1Analog Devices issued $500 million of 2.875% senior unsecured notes maturing in June 2023.
- 2The offering was conducted under a registration statement on Form S-3.
- 3Net proceeds from the note issuance are estimated to be $493.9 million.
- 4The company plans to use approximately $393 million to redeem its 5.00% Senior Notes due July 1, 2014.
- 5The redemption of the 2014 notes is scheduled for June 6, 2013.
- 6Remaining proceeds will be used for general corporate purposes.
- 7The Underwriting Agreement was executed with J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, and Merrill Lynch, Pierce, Fenner & Smith Incorporated.