Summary
Broadcom Inc. (AVGO) filed an 8-K on April 14, 2020, to announce an increase in the consideration offered for its outstanding senior notes in its ongoing cash tender offers. The company is increasing the tender offer consideration for its 3.000% senior notes due January 15, 2022, and its 3.125% senior notes due April 15, 2021. This move is intended to incentivize bondholders to tender their notes within the specified timeframe. The company is also extending the early tender deadline for these offers to April 21, 2020, and the expected early settlement date to April 23, 2020. These adjustments are made to the previously announced tender offers, which aim to repurchase up to an aggregate of $3.75 billion in principal amount of certain senior notes, subject to acceptance priority and a cap on the January 2021 notes. The consideration for the 2.200% senior notes due January 15, 2021, remains unchanged.
Key Highlights
- 1Broadcom Inc. is increasing the repurchase price for its 3.000% senior notes due 2022 and 3.125% senior notes due 2021 in ongoing tender offers.
- 2The early tender deadline for these notes has been extended to April 21, 2020.
- 3The expected early settlement date has been moved to April 23, 2020.
- 4The total aggregate purchase price for the tender offers remains up to $3.75 billion, excluding accrued interest.
- 5A specific cap of $250 million applies to the purchase of the 2.200% senior notes due January 15, 2021.
- 6The consideration for the 2.200% senior notes due January 15, 2021, was not changed.
- 7This filing is based on a press release issued on April 14, 2020.