Broadcom Falls on $4.5 Billion Senior Note Sale

By Elias Schisgall

Broadcom shares fell after the chip maker said it was raising $4.5 billion through a senior note sale.

The stock was down 5% to $337.05 late Wednesday morning. Shares have gained 50% in the past year.

The company said Tuesday after the market closed that it would sell the notes, with maturity dates in 2031, 2033, 2036 and 2056, to a group of underwriters led by Bank of America and JPMorgan.

It said it would use the proceeds to repay debt and for other general corporate purposes.

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(END) Dow Jones Newswires

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