Freescale Semiconductor Prices Upsized Public Offering At $18.50/shr

(RTTNews) - Freescale Semiconductor Ltd.(FSL) announced the upsizing and pricing of its underwritten public offering of 30 million of its common shares, par value $0.01 per share. The size of the offering has been upsized to 35 million common shares and priced at $18.50 per share.

The offering is expected to close on February 18, 2014, subject to customary closing conditions.

In addition, Freescale has granted the underwriters a 30-day option to purchase up to 5.25 million additional common shares of Freescale.

Freescale said it intends to contribute all of the net proceeds from the offering to its indirect wholly owned subsidiary and main U.S. operating entity, Freescale Semiconductor, Inc., which intends to use the contributed net proceeds, together with cash on hand, to repay all of its outstanding 10.125% Senior Subordinated Notes due 2016, approximately $276 million aggregate principal amount of its outstanding 8.05% Senior Unsecured Notes due 2020 and all of its outstanding Senior Unsecured Floating Rate Notes due 2014, in each case in accordance with the indenture governing the applicable series of notes, and to pay the related premium, accrued interest and fees.