Broadcom Announces Completion of Exchange Offer for Senior Notes

Rhea-AI Summary

Broadcom has completed its exchange offer for outstanding unregistered notes, exchanging $24.1 billion of notes out of a total eligible amount of $24.18 billion. The offer, which ended on August 7, 2020, achieved high participation rates across various senior notes series, with most notes receiving over 98% acceptance. The exchange was conducted under the Securities Act of 1933.

This move aims to enhance the liquidity and marketability of Broadcom's debt securities.

Positive

• High participation rate in the exchange offer, with up to 100% for some notes.
• Successfully exchanged over $24 billion in unregistered notes, improving liquidity.

Negative

• None.

SAN JOSE, Calif., Aug. 10, 2020 /PRNewswire/ -- Broadcom Inc. (NASDAQ: AVGO) ("Broadcom" or the "Company") announced today that it has completed its offer to exchange any and all of its outstanding unregistered notes listed below that were originally issued in private placements for an equal principal amount of new issues of notes registered under the Securities Act of 1933, as amended.

Tenders with respect to $24,126,593,000 aggregate principal amount of the original notes, out of a total of $24,180,261,000 aggregate principal amount eligible to participate in the exchange offer, were received prior to the expiration of the exchange offer at 11:59 p.m., New York City time, on August 7, 2020. Tenders received prior to the expiration of the exchange offer for each series of original notes are set forth in the table below.

Title of Security	Aggregate Principal Amount of Tenders Received	Percent of Original Notes Received
3.125% senior notes due 2021	$520,028,000	98.9885%
3.125% senior notes due 2022	$677,960,000	97.8522%
3.625% senior notes due 2024	$1,042,394,000	99.8071%
4.250% senior notes due 2026	$2,495,623,000	99.8249%
4.750% senior notes due 2029	$2,996,865,000	99.8955%
4.700% senior notes due 2025	$2,250,000,000	100%
5.000% senior notes due 2030	$2,247,450,000	99.8867%
2.250% senior notes due 2023	$999,450,000	99.9450%
3.150% senior notes due 2025	$2,237,200,000	99.4311%
4.150% senior notes due 2030	$2,743,900,000	99.7782%
4.300% senior notes due 2032	$1,999,560,000	99.9780%
3.459% senior notes due 2026	$1,694,620,000	99.9587%
4.110% senior notes due 2028	$2,221,543,000	99.9637%

This news release is for informational purposes only, and is not an offer to buy or the solicitation of an offer to sell any security. The exchange offer was only made pursuant to the exchange offer documents, including the prospectus and letter of transmittal that were distributed to the holders of the original notes and filed with the Securities and Exchange Commission.

About Broadcom

Broadcom Inc., a Delaware corporation headquartered in San Jose, California, is a global technology leader that designs, develops and supplies a broad range of semiconductor and infrastructure software solutions. Broadcom's category-leading product portfolio serves critical markets including data center, networking, enterprise software, broadband, wireless, storage and industrial. Our solutions include data center networking and storage, enterprise, mainframe and cyber security software focused on automation, monitoring and security, smartphone components, telecoms and factory automation.

Contacts
Broadcom Inc.
Beatrice F. Russotto
Investor Relations
408-433-8000
investor.relations@broadcom.com 

View original content:http://www.prnewswire.com/news-releases/broadcom-announces-completion-of-exchange-offer-for-senior-notes-301109063.html

SOURCE Broadcom Inc.

FAQ

What was the total amount of notes exchanged by Broadcom on August 7, 2020?

Broadcom exchanged $24.1 billion of outstanding notes.

What was the participation rate for Broadcom's exchange offer?

The participation rate was high, with most notes receiving over 98% acceptance.

Who was eligible to participate in Broadcom's exchange offer?

Holders of the original unregistered notes were eligible to participate.

What was the purpose of Broadcom's exchange offer?

The exchange offer aimed to enhance liquidity and marketability of its debt securities.