Monday, July 19, 2004
Motorola, Inc. has priced an initial public offering of shares in Freescale Semiconductor Inc. at $13 and plans to keep $1 billion of the proceeds, the company said Friday (July 16).
This would leave Freescale with $580 million, but Motorola also announced plans for Freescale to borrow $1.25 billion. The offer priced was at the low-end of a previously reported pricing range.
Freescale's class A common stock will be listed on the New York Stock Exchange under the symbol "FSL". Upon completion of the IPO, class B common stock owned by Motorola would represent 92 percent of the total voting strength of Freescale's common stock, or 90.9 percent if an underwriters' over-allotment option is exercised in full, Motorola said.
By: DocMemory
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