Private equity-backed NXP offers debt buy-back but concerns remain

Apax-, Bain Capital- and KKR-backed NXP, the Dutch semiconductors business, has drawn an extra $300m from its revolving EUR500m credit facility to improve its position as it juggles with a pile of debt.

The company offered to buy back $300m of its bonds at between 30-35% of face value in an attempt to reduce leverage and interest. NXP owes lenders $6.7bn and between Q1 and Q2 the company saw their cash position go from $1.7bn to $1.14bn.

The company, which is suffering from a global dip in demand, may be forced into restructuring. NXP was one of the largest buyouts in the region when it was acquired for over EUR8bn each in 2006.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Industry
• Benelux