Winner:NXP
In our monthly look at the credit market's most innovative deals, we focus on NXP's mammoth high-yield issue, the Alcentra CLO and Bouygues' 20-year bond
NXP issued Europe's largest ever junk bond deal in October, raising a total of EUR4.5 billion. The semiconductor business spun out of Philips will use the proceeds to refinance a bridge loan facility used in the initial purchase of the company.
Dutch electronics giant Philips divested NXP in August as it decided to focus operations on its core lifestyle and healthcare markets. An 80.1% stake was sold to a consortium of private equity firms comprising Kohlberg Kravis Roberts, Silver Lake Partners
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