- Microsemi (NASDAQ:MSCC -3.6%) plans to sell $450M worth of senior notes due 2023 to help pay for its $2.5B cash/stock acquisition of telecom/storage chipmaker PMC-Sierra.
- With a majority of the deal's payout in cash, Microsemi also plans to tap credit facilities to finance the purchase. The company had $256M in cash as of Sep. 27, and $985M in debt.
- Like nearly everything else, Microsemi is selling off today.