Texas Instruments Raises $1 Billion With Two-Part Bond OfferingCharles Mead
Texas Instruments Inc., one of four companies to have sold three-year debt at a record-low 0.45 percent coupon, borrowed $1 billion in a two-part offering.
The largest maker of analog semiconductors issued equal $500 million portions of 1 percent, five-year notes that pay 55 basis points more than similar-maturity Treasuries and 2.25 percent, 10-year bonds with a relative yield of 85, according to data compiled by Bloomberg. Proceeds from the sale will be used to repay debt including its $500 million of 0.875 percent notes maturing May 15, Dallas-based Texas Instruments said today in a regulatory filing.
Its $750 million of 1.65 percent bonds due 2019 traded at 100.3 cents on the dollar yesterday to yield 1.6 percent, or 49.7 basis points more than similar-maturity Treasuries, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.
The company sold its $750 million of three-year debt with the lowest coupon in July. That rate’s been matched by Apple Inc., Unilever NV and Walt Disney Co., according to data compiled by Bloomberg.