Freescale Files IPO Paperwork

Freescale Semiconductor Holdings I, Ltd. has just filed to come public in yet another large private equity re-IPO.  The company filing is for up to $1.15 billion in common shares to be sold.  While it plans to list on NASDAQ, no ticker was proposed and no share count nor price range were offered up.

The offering prospectus filed showed Citi and Deutsche Bank Securities as the joint book-runners and co-managers are listed as Barclays Capital, Credit Suisse, and JPMorgan.

Freescale has been public before.  The company is a global leader in embedded processing semiconductors and solutions and derived approximately 80% of net sales from products with a market position of #1 or #2 in 2010 with over 30% of the embedded processor market.  The company holds nearly 11,500 issued and pending patents and it serves more than 18,000 customers through a direct sales force and distribution partners.

Freescale GP is owned equally by the funds tied to The Blackstone Group LP (NYSE: BX), the Carlyle Funds, the Permira Funds and the TPG Funds (Texas Pacific Group).

Its 2010 sales were $4.458 billion and its net loss was -$1.053 billion after a loss from debt retirement and other expenses.  The loss from operations was -$61 million.  The company’s adjusted EBITDA was $1.147 billion in 2010.  As of December 31, 2010, its cash and cash equivalents was $1.043 billion and its long-term debt and capital lease obligations were listed as $7.584 billion.

JON C. OGG