NETHERLANDS - KKR-backed NXP in $600m debt swap

The deal sees long-term secured and unsecured loan notes exchanged for secured higher priority bonds, which are payable at a rate of 10% in 2013. $420m of old US dollar denominated notes were exchanged for $90m of the new super priority notes, while EUR 131m of euro denominated notes were exchanged for EUR 29m of the new bonds.

The company says it wants to cut its debt by about $1.36bn. The current deal will save the business around $30m in annual interest payments.

KKR led a consortium including Silverlake Partners and AlpInvest Partners to acquire the semiconductor business from Philips in 2006 in a deal valuing the business at around EUR 8.3bn.

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

• Topics
• Portfolio management
• Benelux