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Freescale says refinancing debt has saved millions

By Kirk Ladendorf - American-Statesman Staff

Freescale Semiconductor Ltd. continues to take advantage of prevailing low interest rates to refinance big portions of its sizable long-term debt.

The Austin company said that late Monday it completed an offering of senior debt securities debt securities that will pay off about $884 million of existing debt that was scheduled to mature in 2018. The new debt offering is for $960 million and matures in 2022. It carries an interest rate of 6 percent, which is 3.25 percentage points lower than the previous debt. The new debt amount is larger than the debt it replaces because extra funds were used to make a premium payment to investors for retiring their debt securities early.

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