Texas Instruments has priced four series of senior unsecured notes totalling $2 billion, with coupons from 5.000 to 5.750 percent, to finance part of its Silicon Laboratories acquisition.
Texas Instruments has priced four series of senior unsecured notes for an aggregate principal amount of $2 billion, the Dallas-based chipmaker announced on 26 October, with the notes expected to be issued on 9 November 2026.
The notes consist of $500 million of 5.000 percent notes due 9 November 2028, $500 million of 5.350 percent notes due 9 November 2031, $500 million of 5.500 percent notes due 9 November 2033, and $500 million of 5.750 percent notes due 9 November 2036. Texas Instruments said it expects to use the proceeds to finance a portion of the purchase price for its acquisition of Silicon Laboratories and to pay related fees and expenses.
J.P. Morgan Securities, Citigroup Global Markets, BofA Securities and U.S. Bancorp Investments are serving as joint book-running managers for the offering, with Barclays, Mizuho, Morgan Stanley and MUFG also acting as book-running managers and Goldman Sachs acting as co-manager, according to the company's announcement.
The company's announcement, distributed by PR Newswire and republished by Morningstar and other outlets, is the primary source for the terms, and the four tranches, coupons and maturities match across those republications. The announcement states the purpose of the proceeds but does not itself state the total price of the Silicon Laboratories acquisition, so this story does not present a total deal price as confirmed by Texas Instruments.
The laddered structure spreads the borrowing across four maturities over eight years, from 2028 to 2036, rather than concentrating it in a single repayment year. The coupons also show the cost of that borrowing in current conditions: Texas Instruments will pay between 5.000 and 5.750 percent a year on each tranche until its maturity, with the longest-dated notes carrying the highest coupon.
Issuance on 9 November 2026 is the next dated step. That issue will convert the priced notes into funded debt and complete this stage of financing for the Silicon Laboratories acquisition.