Texas Instruments prices $1.4 billion of investment grade notes

Rhea-AI Summary

Texas Instruments (TXN) announced the pricing of two series of senior unsecured notes totaling $1.4 billion. The issuance includes $750 million of 4.900% notes due March 14, 2033, and $650 million of 5.000% notes due March 14, 2053. Proceeds will be used for general corporate purposes. The offering is set to close on March 14, 2023. Barclays Capital, BofA Securities, and MUFG Securities are joint book-running managers for this issuance. This offering aligns with Texas Instruments’ strategy to enhance liquidity and support its operational growth.

Positive

• Secured $1.4 billion in senior unsecured notes, enhancing liquidity.
• Diversified financing with 4.900% due in 2033 and 5.000% due in 2053.

Negative

• None.

DALLAS, March 7, 2023 /PRNewswire/ -- (March 7, 2023) – Texas Instruments Incorporated (TI) (Nasdaq: TXN) today announced the pricing of two series of senior unsecured notes for an aggregate principal amount of $1.4 billion. The notes consist of the following:

• $750 million of 4.900% senior unsecured notes due March 14, 2033; and
• $650 million of 5.000% senior unsecured notes due March 14, 2053.

TI expects to use the net proceeds of this offering for general corporate purposes. The offering is expected to close on March 14, 2023.

Barclays Capital Inc.; BofA Securities, Inc.; and MUFG Securities Americas Inc. are serving as joint book-running managers for the offering.

The offering of the notes is made only by means of a prospectus and a related prospectus supplement, copies of which may be obtained for free by visiting EDGAR on the Securities and Exchange Commission website at www.sec.gov or, in the alternative, from Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by toll-free phone: (888) 603-5847; BofA Securities, Inc., Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, North Carolina 28255-0001, by toll-free phone: (800) 294-1322; or MUFG Securities Americas Inc., Attention: Capital Markets Group, 1221 Avenue of the Americas, 6th Floor, New York, New York 10020, by toll-free phone: (877) 649-6848.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the notes or any other securities, nor will there be any sale of the notes or any other securities in any state or jurisdiction in which such an offer, solicitation or sale is not permitted.

About Texas Instruments

Texas Instruments Incorporated (Nasdaq: TXN) is a global semiconductor company that designs, manufactures, tests and sells analog and embedded processing chips for markets such as industrial, automotive, personal electronics, communications equipment and enterprise systems. Our passion to create a better world by making electronics more affordable through semiconductors is alive today, as each generation of innovation builds upon the last to make our technology smaller, more efficient, more reliable and more affordable – making it possible for semiconductors to go into electronics everywhere. We think of this as Engineering Progress. It's what we do and have been doing for decades.

TXN-G

 

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SOURCE Texas Instruments Incorporated

FAQ

What is the total amount of Texas Instruments' recent note offering?

Texas Instruments priced a total of $1.4 billion in senior unsecured notes.

When will the Texas Instruments notes mature?

The notes will mature on March 14, 2033 and March 14, 2053.

What are the interest rates for the Texas Instruments notes?

The notes have interest rates of 4.900% and 5.000%.

How will Texas Instruments use the proceeds from the note offering?

The proceeds will be used for general corporate purposes.

Who are the joint book-running managers for the Texas Instruments offering?

The joint book-running managers are Barclays Capital, BofA Securities, and MUFG Securities.