Freescale Semiconductor is seeking to raise about $1.15 billion through an initial public offering, The Wall Street Journal reports. The Texas-based company intends to use the net proceeds to pay down the balance of a $764 million loan maturing next year and other debt, adds Bloomberg.
The chipmaker, partly owned by Blackstone Group, appointed Deutsche Bank and Citigroup to handle the share offering. The company piled on debt after it was taken private by Blackstone, TPG, Carlyle Group and Permira Advisers in a $17.6 billion deal in 2006.
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