Davis Polk advised Texas Instruments Incorporated on its SEC-registered debt offering of $1.5 billion aggregate principal amount of notes, consisting of $750 million of 0.45% notes due 2015 and $750 million of 1.65% notes due 2019. The offering was made through an underwriting syndicate led by Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC.
Texas Instruments designs and makes semiconductors that it sells to electronics designers and manufacturers all over the world. It began operations in 1930 and has design, manufacturing or sales operations in more than 35 countries. In 2011, Texas Instruments was the world’s fourth-largest semiconductor company by revenue.
The Davis Polk Menlo-Park based corporate team included partner Bruce K. Dallas, associate Daniel J. Luskin and former law clerk Tim R. Hwang. Partner Rachel D. Kleinberg and associate Juelle Gomes provided tax advice. Cari M. Hebel, Kimberly Kakade and Cassandra Aguirre were the legal assistants on the transaction.
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