Pinnacle Foods issued dollar-denominated junk bonds worth $350 million on January 12, 2016. The senior notes were rated B2/B+ and carried a coupon of 5.9%.
Microsemi Corporation issued dollar-denominated junk bonds worth $450 million. It intends to use the proceeds of the loan for the acquisition of PMC-Sierra.
The issuance of US leveraged loans fell to zero last week. However, in the previous week, ~$4.9 billion in dollar-denominated senior loans were priced.
The demand for industrial semiconductors will be driven by the LED (light-emitting diodes) lighting sector, security, energy management, and medical devices.
Microsemi has made a third offer for the acquisition of PMC-Sierra, increasing the cash component. The revised offer values PMC-Sierra at $12.05 per share.
On November 18, 2015, Fairchild announced its acquisition by ON Semiconductor for a total cash consideration of $2.4 billion. The deal values Fairchild at $20 per share.
The bid by Microsemi gave PMC-Sierra an edge to renegotiate with Skyworks and get a better offer. Both Microsemi and Skyworks revised their offers for PMC.
Microsemi, a manufacturer of high-performance semiconductors, made a cash-stock offer of $2.2 billion to acquire semiconductor company PMC-Sierra (PMCS).
