Texas Instruments prices $1.5 billion of investment grade notes

Rhea-AI Summary

Texas Instruments (Nasdaq: TXN) has priced three series of senior unsecured notes totaling $1.5 billion. The notes consist of $500 million of 1.125% notes due September 15, 2026, $500 million of 1.900% notes due September 15, 2031, and $500 million of 2.700% notes due September 15, 2051. The net proceeds will be used for general corporate purposes and the offering is set to close on September 15, 2021.

Positive

• Raises $1.5 billion in capital through senior unsecured notes.
• Various maturities allow flexibility in repayment options.

Negative

• Incurs interest payments on the notes, which could affect cash flow.

DALLAS, Sept. 7, 2021 /PRNewswire/ -- Texas Instruments Incorporated (TI) (Nasdaq: TXN) today announced the pricing of three series of senior unsecured notes for an aggregate principal amount of $1.5 billion. The notes consist of the following:

• $500 million of 1.125% senior unsecured notes due September 15, 2026;
• $500 million of 1.900% senior unsecured notes due September 15, 2031; and
• $500 million of 2.700% senior unsecured notes due September 15, 2051.

TI expects to use the net proceeds of this offering for general corporate purposes. The offering is expected to close on September 15, 2021.

Barclays Capital Inc.; J.P. Morgan Securities LLC; MUFG Securities Americas Inc.; BofA Securities, Inc.; Citigroup Global Markets Inc.; Mizuho Securities USA LLC; and Morgan Stanley & Co. LLC 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, or by email at Barclaysprospectus@broadridge.com, or by calling (888) 603-5847; J.P. Morgan Securities LLC, Investment Grade Syndicate Desk, 383 Madison Avenue, New York, New York 10179, or by calling (212) 834-4533; MUFG Securities Americas Inc., Attention: Capital Markets Group, 1221 Avenue of the Americas, 6th Floor, New York, New York 10020, or by calling (877) 649-6848; BofA Securities, Inc., Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, North Carolina 28255, or by email at dg.prospectus_requests@bofa.com, or by calling (800) 294-1322; Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by email at prospectus@citi.com, or by calling (800) 831-9146; Mizuho Securities USA LLC, Attention: Debt Capital Markets, 1271 Avenue of the Americas, 3rd Floor, New York, New York 10020, or by calling (866) 271-7403; or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, or by calling (866) 718-1649.

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 Texas Instruments is raising through the notes?

Texas Instruments is raising $1.5 billion through three series of senior unsecured notes.

What are the maturity dates for the Texas Instruments notes?

The notes mature on September 15, 2026, September 15, 2031, and September 15, 2051.

What will Texas Instruments use the proceeds from the offering for?

The net proceeds will be used for general corporate purposes.

Who are the underwriters for Texas Instruments' note offering?

The underwriters include Barclays Capital Inc., J.P. Morgan Securities LLC, among others.

When is the closing date for the Texas Instruments notes offering?

The offering is expected to close on September 15, 2021.