NXP is looking to borrow $475m for a seven year period in order to repay debt due in three years' time.
The company aims to redeem $775m worth of $-denominated and Euro-denominated senior notes due for repayment in October 2015.
The new $475m borrowings are set to be repaid in 2019.
The other $300m of the $775 redemption payment will come out of NXP’s existing revolving credit facility.
When 80% of NXP was bought by private equity company KKR in 2006, KKR loaded it up with $6bn of debt to defray some of the $6.4bn purchase price.
NXP has since been trying to pay down this debt to reduce interest payments and has, so far, reduced the debt by about half.
