Boston, MA 02/13/2014 (wallstreetpr) – Freescale Semiconductor Ltd (NYSE:FSL) which provides embedded processing solution has announced plans for a public offering of its common shares. The offering will involve 30 million of its common shares at a value of $0.01 per share Subject to the market and other conditions, Freescale intends to offer underwriters a 30 day option to purchase up to 4.5 million of its additional common shares.
The proceeds from the entire offering will be contributed to Freescale fully owned subsidiary and its operating entity Freescale Semiconductor. The cash from the offering will be used by the entity to redeem outstanding 10.125% senior subordinate notes that are due in 2016 while another portion will be used to cater for 8.05% of senior unsecured notes that are due in 2020.
Goldman, Sachs & Co., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Barclays Capital Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC have been appointed as the book running managers for the intended offering. The offering will come to a conclusion on February 18, 2014 subject to customary closing conditions.
Freescale shares on a rally
Freescale Semiconductor Ltd (NYSE:FSL) is experiencing its best running in the market with its shares being on a rally for the past four weeks. The biggest question at the moment with many investors is whether the rally will continue. The company earnings estimates have been rising over the past few weeks an indication of stability and growth in the market.
The company stock soared on Wednesday trading session moving up by 15% highly driven by solid quarter four results. Its forward guidance also exceeded Wall Street expectations thus one of the other reason for the soaring in the market.
Freescale Semiconductor Ltd (NYSE:FSL) closed Wednesday trading session at a high of $20.50 having moved up by 9.33%
