NXP B.V. And NXP Funding LLC’s $1.5 Billion Revolving Credit Facility

Davis Polk advised the joint lead arrangers, joint bookrunners and the administrative agent in connection with a $1.5 billion unsecured revolving credit facility for NXP B.V. and NXP Funding LLC.

NXP is a global semiconductor company and a long-standing supplier in the industry, with over 50 years of innovation and operating history. NXP provides secure connectivity solutions for embedded applications, driving innovation in the secure connected vehicle, end-to-end security and the smart connected solutions markets. NXP’s products leverage its deep application and technology insight, with particular expertise in embedded digital processing, precision analog-mixed signal design, radio frequency, power management, high-speed interface and end-to-end security. NXP’s hardware and software product solutions are adapted by market leaders in the end-markets of automotive, industrial and IoT, mobile and communications infrastructure. NXP engages with leading global original equipment manufacturers and sells products in all major geographic regions. Headquartered in Eindhoven, the Netherlands, NXP had approximately 30,000 full-time equivalent employees as of December 31, 2018, with research and development activities and manufacturing facilities in Asia, Europe and the United States.

Barclays Bank PLC acted as administrative agent in the agreement.

The Davis Polk finance team included partner James A. Florack (Picture) and associates Sanders Witkow and Madeleine Vella. Counsel Jeanine P. McGuinness provided regulatory advice. Counsel Alon Gurfinkel and associate K. Daniel Berman provided tax advice. Counsel David A. Zilberberg provided environmental advice. Partner Frank J. Azzopardi and associate Hilary Smith provided intellectual property and technology advice. Counsel Gregory D. Hughes provided executive compensation advice.

Involved fees earner: Frank Azzopardi – Davis Polk & Wardwell; K. Daniel Berman – Davis Polk & Wardwell; James Florack – Davis Polk & Wardwell; Alon Gurfinkel – Davis Polk & Wardwell; Gregory Hughes – Davis Polk & Wardwell; Jeanine McGuinness – Davis Polk & Wardwell; Hilary Smith – Davis Polk & Wardwell; Madeleine Vella – Davis Polk & Wardwell; Sanders Witkow – Davis Polk & Wardwell; David Zilberberg – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Barclays Bank;

Author: Ambrogio Visconti