Analog Devices plans a multi-tranche senior notes offering, with each series issued in minimum denominations of $2,000 and $1,000 increments. Proceeds may fund the Alif Acquisition, Capital spending, share repurchases, Debt refinancing, dividends and other acquisitions, while the unsecured notes will have no planned exchange listing.

Key Highlights

  • The notes would be unsecured and have no intended listing on a securities exchange or Quotation system.
  • Analog Devices is preparing a multi-tranche offering of floating-rate and fixed-rate senior notes with different maturities.
  • The notes would be unsecured, governed by New York law and not listed or quoted on an automated dealer system.

Analog Devices Inc. (NASDAQ: ADI) is preparing a multi-tranche offering of floating-rate and fixed-rate senior notes. Net proceeds are intended for general corporate purposes, including the Alif Acquisition, capital expenditures, stock repurchases, debt refinancing, dividends and other acquisitions. The proposed securities include floating-rate senior notes and fixed-rate senior notes with different maturities.

Unsecured Notes, No Planned Listing

The notes would be unsecured, leaving them effectively subordinated to any future secured debt. Analog Devices does not intend to seek an exchange listing or quotation on an automated dealer system for any series. The securities would be governed by New York law. Analog Devices plans to use the net proceeds for general corporate purposes.

Existing Debt Schedule

The Capitalization information lists cash and cash equivalents of $2.165870 billion. Existing obligations include Commercial Paper notes of $1,005.104 million, 3.500% notes due Dec. 5, 2026, with $900 million outstanding, and 3.450% notes due Jun. 15, 2027, with $440.212 million outstanding. Further listed obligations include 4.500% notes due Jun. 15, 2030, at $650 million, and 2.100% notes due Oct. 1, 2031, at $1 billion. Other outstanding notes include 4.250% notes due Oct. 1, 2032, at $300 million; 5.050% notes due Apr. 1, 2034, at $550 million; and 4.500% notes due Dec. 5, 2036, at $144.278 million. The schedule also includes 2.800% notes due Oct. 1, 2041, at $750 million, 5.300% notes due Dec. 15, 2045, at $332.587 million, and 2.950% notes due Oct. 1, 2051, at $1 billion.