Commentary & Deal Flow

NXP BV / NXP Funding LLC / NXP USA Inc (NXPI) exp Baa3/BBB+/BBB+ (p/s/s) US$1.5bn SEC registered 3-part sr notes (3y FXD due 8/19/28, 7y FXD due 8/19/32 and 10y FXD due 8/19/35). MWC then 1mo par call on 3y, 2mos on 7y and 3mos on 10y. Barc (B&D on 10y)/GS (B&D) on 3y)/JPM (B&D on 7y)/PNC/UBS joint active books. Passive: BofA/Rabo/DBS/SMBC/DB/MS/Citi. First pay: 2/19/26. Day count: 30/360. Denoms: 2,000 x 1,000. UOP: the net proceeds from the issuance of the Notes will be used to redeem the 5.350% 2026 Notes and the 3.875% 2026 Notes, including all premiums, accrued interest and costs and expenses related to such redemptions. Pending such application, and in the event of any excess net proceeds from the Notes, such proceeds will be temporarily held as cash and other short-term securities or used for general corporate purposes, which may include capital expenditures or short-term debt repayment. Marketing: www.netroadshow.com Passcode: NXP2025. Pricing 8/12. Settle 8/19 (T+5). CUSIP: 3y: 62954HBF4, 7y: 62954HBG2, 10y: 62954HBH0. ISIN: 3y: US62954HBF47, 7y: US62954HBG20, 10y: US62954HBH03.

IPTs: 3y T+95 area, 7y T+120 area, 10y T+130 area.
GUIDANCE: 3y T+63#, 7y T+85#, 10y T+98#.
LAUNCHED: $500m 3y at T+60 (inside guidance), $300m 7y at T+85, $700m 10y at T+98.


PRICED:
$500m 4.30% 8/19/28 99.986 4.305% T+60. MW+10.
$300m 4.85% 8/19/32 99.800 4.884% T+85. MW+15.
$700m 5.25% 8/19/35 99.792 5.277% T+98. MW+15.