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Microsemi selling $450M in debt to help pay for PMC-Sierra deal

Jan. 07, 2016 2:19 PM ETMicrosemi Corporation (MSCC) StockBy: Eric Jhonsa, SA News Editor1 Comment
  • 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.

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