- NXP (NASDAQ:NXPI +2%) plans to sell $1B worth of cash-convertible senior notes due 2019. Initial purchasers are expected to have a $150M overallotment option.
- Up to €225M ($281M) of the proceeds will go towards repaying intercompany loans to subsidiaries, and up to $250M will be directed towards buybacks. The remainder will be used for note hedge transactions and "general corporate purposes, including additional share repurchases and potential acquisitions."
- NXP spent $574M on buybacks in Q3. Thanks to its P-E legacy, the company had $3.8B in debt at quarter's end, to go with $594M in cash.