Infineon repays outstanding Cypress acquisition financing
Infineon Technologies has successfully signed a $1.3bn US private placement of notes. The proceeds of the transaction will be used to repay existing US Dollar bank term loans related to the acquisition of Cypress Semiconductor Corporation.
“Infineon has agreed this US private placement at very attractive conditions,” said Dr Sven Schneider, Chief Financial Officer of Infineon. “The strong oversubscription of the transaction is a clear evidence of the confidence of capital markets in the economic prospects of Infineon. It underlines the credibility Infineon has established in the financial markets providing us full access to all relevant funding sources”.
A broad group of more than 40 institutional investors, including almost all investors in Infineon’s outstanding 2016 US private placement, are participating in the transaction. The current transaction consists of four tranches with maturities of six, eight, ten and twelve years.
Closing of the transaction and receipt of the proceeds is subject to customary closing conditions. Bank of America Securities and Mizuho acted as Joint Lead Agents on the transaction.