Home / Business and Economy / Broadcom Launches $2.5B Bond Buyback, Stock Rises
Broadcom Launches $2.5B Bond Buyback, Stock Rises
18 Jun
Summary
- Broadcom priced tender offers to buy up to $2.5 billion in senior notes.
- Notes to be purchased mature between 2030 and 2038.
- Total consideration ranges from $970.29 to $1,023.23 per $1,000 principal.
Broadcom has initiated cash tender offers to purchase up to $2.5 billion of its outstanding senior notes. These targeted notes carry maturities from 2030 through 2038, encompassing various coupon rates. The company is offering a total consideration that ranges from $970.29 to $1,023.23 for every $1,000 in principal amount.
The six series of notes involved in the offers represent a substantial $9.4 billion in principal. Broadcom has established a clear priority order for accepting tenders, with the 4.926% notes due in 2037 ranked highest. The company retains the option to increase the purchase cap, though it is not obligated to do so. These offers were set to expire at 5 p.m. New York time on Wednesday, with settlements anticipated for Thursday, June 18. Barclays Capital and Citigroup are managing these tender offers.
