NXP takes first step towards IPO
NXP has filed a registration statement with the US Securities and Exchange Commission as the first step in a potential move to become a publicly traded company. However, the document has yet to be put into effect.
Philips Electronics sold 80.1% of its semiconductors businesses to a consortium of private equity investors, consisting of Kohlberg Kravis Roberts, Bain Capital, Silver Lake Partners, Apax and AlpInvest Partners, in September 2006. Philips retained 19.9% of the shares.
According to the SEC document, NXP intends to use the proceeds of the sale – neither the share price nor the number of shares for sale have yet to be determined – to pay down some of its debt. According to the financial report included with the SEC filing, NXP current has total debts of $5.28billion, $4.67bn of which is classifed as 'long term'. Of this, $2.6bn is due in 2013.
