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Chip major Broadcom (AVGO) has decided to make use of its huge cash pile to retire some of its long-term debt obligations by increasing the offer to $3 billion from $2.5 billion. The cash tender offers look to retire all of its outstanding 4.926% Senior Notes due 2037, 4.900% Senior Notes due 2038, 5.050% Senior Notes due 2030, 5.200% Senior Notes due 2032, 5.150% Senior Notes due 2031, and 4.900% Senior Notes due 2032.
Broadcom stock has reacted positively to the news, with shares up 2% over the past five days after a 9% rise across June 17 and June 18. Overall, with a market capitalization that is inching closer to the coveted $2 trillion mark, AVGO stock is up 11% on a year-to-date (YTD) basis.
