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S-3ASR Filing
Broadcom (AVGO) S-3ASRAutomatic shelf registration
Filed: 8 Jul 24, 9:12am
Delaware (State or other jurisdiction of incorporation or organization) | | | 35-2617337 (I.R.S. Employer Identification Number) |
Noelle Matteson Emily Sacks-Wilner Broadcom Inc. 3421 Hillview Avenue Palo Alto, California 94304 (650) 427-6000 | | | David C. Karp Ronald C. Chen Viktor Sapezhnikov Wachtell, Lipton, Rosen & Katz 51 West 52nd Street New York, New York 10019 (212) 403-1000 |
Large accelerated filer | | | ☒ | | | Accelerated filer | | | ☐ |
Non-accelerated filer | | | ☐ | | | Smaller reporting company | | | ☐ |
| | | | Emerging growth company | | | ☐ |
(a) | Annual Report on Form 10-K for the fiscal year ended October 29, 2023, filed on December 14, 2023; |
(b) | Quarterly Reports on Form 10-Q for the quarters ended February 4, 2024 and May 5, 2024, filed on March 14, 2024 and June 13, 2024, respectively; |
(c) | Current Reports on Form 8-K filed on October 30, 2023, November 22, 2023 (as amended by Amendment No. 1 filed with the SEC on February 8, 2024), December 7, 2023 (Items 2.05 and 8.01 only), February 9, 2024, March 7, 2024 (Item 8.01 only), April 24, 2024, June 12, 2024 (Item 8.01 only) and July 8, 2024; |
(d) | Definitive Proxy Statement on Schedule 14A, filed on February 26, 2024 (solely to the extent specifically incorporated by reference into Broadcom’s Annual Report on Form 10-K filed on December 14, 2023); and |
(e) | The description of Broadcom’s common stock which is contained in Exhibit 4.3 to Broadcom’s Annual Report on Form 10-K filed on December 20, 2019, including any amendment or report filed for the purpose of updating such description. |
• | any breach of the director’s or officer’s duty of loyalty to us or our stockholders; |
• | any act or omission not in good faith or that involves intentional misconduct or a knowing violation of law; |
• | unlawful payments of dividends or unlawful stock repurchases or redemptions as provided in Section 174 of the DGCL, in the case of a director; |
• | any transaction from which the director or officer derived an improper personal benefit; or |
• | in any action by or in the right of us, in the case of an officer. |
• | the title of the debt securities; |
• | the total principal amount of the debt securities; |
• | whether the debt securities are senior debt securities or subordinated debt securities and, if subordinated debt securities, the subordination provisions and the applicable definition of “senior indebtedness”; |
• | whether the debt securities will be secured or unsecured; |
• | whether the debt securities will be guaranteed; |
• | any limit on the total principal amount of the debt securities and the ability to issue additional debt securities of the same series; |
• | the date(s) on which the principal of and any premium on the debt securities will be payable; |
• | the interest rate, if any, the date from which interest will accrue, interest payment dates and record dates for interest payments, the method or methods by which such rate may be determined, whether payment of interest will be contingent in any respect and/or the interest rate reset, and the method by which any of the foregoing will be determined; |
• | the remarketing or extension features of the debt securities, if any; |
• | our right, if any, to defer payment of interest and the maximum length of the deferral period; |
• | any covenants or restrictions on us or our subsidiaries; |
• | the place(s) where payments on the debt securities will be payable, where the debt securities may be presented for registration of transfer or exchange, and where notices to or demands upon us in respect of the debt securities may be made; |
• | our right to issue, and purchase in the open market or otherwise, debt securities of the series; |
• | any provisions for redemption or early repayment; |
• | any sinking fund or other provisions that would obligate us to redeem, purchase or repay the debt securities prior to maturity; |
• | the currency and denominations in which we may issue the debt securities; |
• | whether payments on the debt securities will be payable in foreign currency or currency units or another form, whether payments on the debt securities will be payable by reference to any index or formula, and the manner in which such amounts will be determined; |
• | the portion of the principal amount of the debt securities that will be payable if the maturity is accelerated, if other than the entire principal amount; |
• | provisions relating to defeasance and covenant defeasance and any additional means of defeasance of the debt securities, any additional conditions or limitations to defeasance of the debt securities or any changes to those conditions or limitations; |
• | the events of default applicable to the debt securities; |
• | any restrictions or other provisions relating to the transfer or exchange of the debt securities; |
• | provisions relating to satisfaction and discharge of the indenture; |
• | provisions relating to form, registration, exchange and transfer; |
• | the designation of agents (including paying agents) with respect to the debt securities; |
• | modification, waiver and amendment provisions; |
• | any terms for the conversion or exchange of the debt securities for other securities issued by us; |
• | whether the debt securities will be issued in the form of global securities or certificates; |
• | the form of any legend or legends that will be borne by any global security, if applicable; |
• | provisions relating to the right of the trustee or the requisite holders of the debt securities to declare the principal amount due and payable; and |
• | any other terms of the debt securities, whether in addition to, or by modification or deletion of, the terms described herein. |
• | we are the surviving person or the successor person (if other than Broadcom) is a person organized and validly existing under the laws of any U.S. domestic jurisdiction, any current or former member state of the European Union, Canada or any province of Canada, the United Kingdom, Switzerland, the Republic of Singapore, Bermuda or the Cayman Islands and expressly assumes by supplemental indenture our obligations on the debt securities and under the indenture (any such transaction resulting in an entity organized or existing under the laws of any jurisdiction other than a U.S. domestic jurisdiction, a “non-U.S. domicile transaction”); |
• | immediately after giving effect to the transaction, no default or event of default shall have occurred and be continuing under the indenture; and |
• | we have delivered to the trustee, prior to the consummation of the proposed transaction an officer’s certificate to the foregoing effect and an opinion of counsel stating that the proposed transaction and the supplemental indenture comply with the indenture. |
(a) | any jurisdiction (other than the United States or any political subdivision or governmental authority thereof or therein having power to tax) from or through which payment on the debt securities is made by or on behalf of a non-U.S. payor, or any political subdivision or governmental authority thereof or therein having the power to tax; or |
(b) | any jurisdiction (other than the United States or any political subdivision or governmental authority thereof or therein having the power to tax) in which a non-U.S. payor that makes a payment on the debt securities is organized or otherwise considered to be a resident for tax purposes, or any political subdivision or governmental authority thereof or therein having the power to tax |
(1) | any taxes that would not have been so imposed or levied but for the existence of any present or former connection between the relevant holder (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of, or possessor of power over, the relevant holder, if such holder is an estate, nominee, trust, partnership, limited liability company or corporation) and the relevant taxing jurisdiction (including being a citizen or resident or national of, or carrying on a business or maintaining a permanent establishment in, or being physically present in, the relevant taxing jurisdiction) but excluding, in each case, any connection arising solely from the acquisition, ownership or holding of such debt securities or the enforcement or receipt of any payment in respect thereof; |
(2) | any taxes that would not have been so imposed or levied if the holder of the debt security had complied with a reasonable request in writing of the non-U.S. payor (such request being made at a time that would enable such holder acting reasonably to comply with that request) to make a declaration of nonresidence or any other claim or filing or satisfy any certification, identification, information or reporting requirement for exemption from, or reduction in the rate of, withholding to which it is entitled (provided that such declaration of nonresidence or other claim, filing or requirement is required by the applicable law, treaty, regulation or official administrative practice of the relevant taxing jurisdiction as a precondition to exemption from, or reduction in the rate of deduction or withholding of, any such taxes); |
(3) | any taxes that are payable otherwise than by withholding from a payment on or with respect to the debt securities; |
(4) | any estate, inheritance, gift, sales, excise, transfer, personal property or similar taxes; |
(5) | any taxes imposed in connection with a debt security presented for payment (where presentation is required for payment) by or on behalf of a holder or beneficial owner who would have been able to avoid such tax by presenting the relevant debt security to, or otherwise accepting payment from, another paying agent; |
(6) | any taxes payable under Sections 1471 through 1474 of the Internal Revenue Code of 1986, as amended, as of the date of the applicable prospectus supplement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant thereto, and any intergovernmental agreements implementing the foregoing (including any legislation or other official guidance relating to such intergovernmental agreements); or |
(7) | any combination of the above. |
(1) | the payment of principal; |
(2) | redemption prices or purchase prices in connection with a redemption or purchase of debt securities; |
(3) | interest; or |
(4) | any other amount payable on or with respect to any of the debt securities; |
(1) | any change in, or amendment to, the law or treaties (or any regulations, protocols or rulings promulgated thereunder) of a relevant taxing jurisdiction affecting taxation; or |
(2) | any change in, or amendment to, an official position or the introduction of an official position regarding the application, administration or interpretation of such laws, treaties, regulations, protocols or rulings (including a holding, judgment or order by a government agency or court of competent jurisdiction or a change in published administrative practice) (each of the foregoing in clauses (1) and (2), a “change in tax law”), |
• | default in the payment of any interest upon any debt security of that series when it becomes due and payable, and continuance of such default for a period of 30 days; |
• | default in the payment of the principal of or any premium on any debt security of that series at its maturity; |
• | default in the performance, or breach by us of any covenant in the indenture with respect to a debt security of that series (other than a covenant a default in the performance of which or the breach of which is elsewhere in this paragraph specifically dealt with or which has expressly been included in the indenture solely for the benefit of a series of debt securities other than that series), and continuance of such default or breach for a period of 90 days after there has been given to us by the trustee or to us and the trustee by the holders of not less than 25% in principal amount of the outstanding debt securities of that series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “notice of default” under the indenture; or |
• | specified events involving bankruptcy, insolvency or reorganization involving us. |
• | we have paid or deposited with the trustee a sum sufficient to pay: |
○ | all overdue interest on all outstanding debt securities of that series; |
○ | the principal of (and premium, if any, on) any outstanding debt securities of that series which have become due otherwise than by such declaration of acceleration and any interest thereon at the rate or rates prescribed therefor in such debt securities; |
○ | to the extent that payment of such interest is legally permitted, interest upon overdue interest at the rate or rates prescribed therefor in such debt securities; and |
○ | all sums paid or advanced by the trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the trustee, its agents and counsel; and |
• | all events of default with respect to the debt securities of that series, other than the nonpayment of the principal of debt securities of that series which have become due solely by virtue of the declaration of acceleration, have been cured or waived as provided in the indenture. |
• | such direction shall not be in conflict with any rule of law or with the indenture; |
• | the trustee may take any other action deemed proper by the trustee which is not inconsistent with such direction; and |
• | subject to certain duties and responsibilities of the trustee set forth in the indenture, the trustee will have the right to decline to follow such direction if (i) the holders have failed to provide the trustee with security or indemnity satisfactory to it in its sole discretion; (ii) a responsible officer of the trustee shall, in good faith, determine that the proceeding so directed would involve the trustee in personal liability; or (iii) such direction would be unduly prejudicial to the rights of other holders (it being understood that the trustee has no duty to determine if any action is prejudicial to any holder) or would otherwise be contrary to applicable law or the indenture. |
• | such holder has previously given written notice to the trustee of a continuing event of default with respect to the debt securities of that series; |
• | holders of not less than 25% in principal amount of the outstanding debt securities of that series shall have made written request to the trustee to institute proceedings in respect of such event of default in its own name as trustee under the indenture; |
• | such holder or holders have offered (and if requested, provided) to the trustee security or indemnity satisfactory to the trustee in its sole discretion against the costs, expenses and liabilities to be incurred in compliance with such request; |
• | the trustee for 60 days after its receipt of such notice, request and offer of security or indemnity has failed to institute any such proceeding; and |
• | no direction inconsistent with such written request has been given to the trustee during such 60-day period by the holders of a majority in principal amount of the outstanding debt securities of that series; |
• | we will be discharged from our obligations with respect to the outstanding debt securities of such series (“legal defeasance”); or |
• | we will no longer have any obligation to comply with the restrictive covenants under the indenture with respect to the outstanding debt securities of such series, and the related events of default will no longer apply to us, but some of our other obligations under the indenture and such series of debt securities, including our obligation to make payments on such series of those debt securities, will survive (“covenant defeasance”). |
• | the rights of holders of debt securities to receive, solely from a trust fund, payments in respect of such debt securities when payments are due; |
• | our obligation to register the transfer or exchange of the debt securities; |
• | our obligation to replace mutilated, destroyed, lost or stolen debt securities; and |
• | our obligation to maintain paying agencies and hold moneys for payment in trust. |
• | evidence the succession of another person to us, or successive successions, and the assumption of our covenants, agreements and obligations by such successor person, in each case in accordance with the terms of the indenture; |
• | add to our covenants for the benefit of the holders of debt securities of such series or surrender any right or power conferred upon us in the indenture; |
• | add any additional events of default for the debt securities of such series for the benefit of the holders of the debt securities of such series; |
• | add to or change any of the provisions of the indenture to the extent necessary to permit or facilitate the issuance of debt securities in uncertificated form; |
• | add to, change or eliminate any of the provisions of the indenture applying to one or more series of debt securities, provided, however, that if such addition, change or elimination adversely affects the interests of holders of debt securities of any series in any material respect, such addition, change or elimination will become effective with respect to that series only when no debt securities of such series remain outstanding; |
• | convey, transfer, assign, mortgage or pledge any property to or with the trustee or to surrender any right or power conferred upon us by the indenture; |
• | establish the forms or terms of any series of debt securities; |
• | evidence and provide for successor trustees and to add to or change any provisions of the indenture to the extent necessary to appoint a separate trustee or trustees for debt securities of one or more series; |
• | cure any ambiguity, or correct or supplement any provision in the indenture which may be defective or inconsistent with any other provision in the indenture; |
• | make other provisions with respect to matters or questions arising under the indenture, provided that (i) in the case of any such cure, correction, supplement, matter, question, amendment or modification to (or which results in any change to) a guarantee of the debt securities of any series, the foregoing shall not adversely affect the interests of the holders of any debt securities then outstanding; and (ii) in all other cases, such action does not adversely affect the interests of holders of debt securities of any series in any material respect; |
• | supplement any provisions of the indenture to the extent necessary to permit the defeasance and discharge of any series of debt securities, provided that such action does not adversely affect the interests of the holders of debt securities of such series or any other series of debt securities in any material respect; |
• | comply with the rules or regulations of any securities exchange or automated quotation system on which any series of debt securities may be listed or traded; |
• | secure any series of debt securities or any guarantee thereof; |
• | add to, change or eliminate any provisions of the indenture as shall be necessary or desirable in accordance with any amendments to the Trust Indenture Act, provided that such action does not adversely affect the rights or interests of any holder of debt securities in any material respect; |
• | provide for the payment by us of additional amounts in respect of taxes imposed on certain holders and for the treatment of such additional amounts as interest and for all matters incidental thereto; |
• | add guarantors with respect to any series of debt securities or release a guarantor from its obligations under its guarantee or the indenture in accordance with the applicable provisions of the indenture and the debt securities of the applicable series; |
• | conform the terms of the indenture and any series of debt securities to any provision or other description of such series of Securities, as the case may be, contained in an offering document related thereto; or |
• | comply with the rules of any applicable depositary. |
• | changes the stated maturity of the principal of, or any installment of principal of or interest on, any debt security, or reduces the principal amount of, or any premium or rate of interest on, any debt security; |
• | reduces the amount of principal of an original issue discount debt security or any other debt security payable upon acceleration of the maturity thereof; |
• | changes the place or currency of payment of principal, premium, if any, or interest; |
• | impairs the right to institute suit for the enforcement of any payment on or after such payment becomes due for any debt security; |
• | reduces the percentage in principal amount of outstanding debt securities of any series, the consent of whose holders is required for modification of the indenture, for waiver of compliance with certain provisions of the indenture or for waiver of certain defaults of the indenture; |
• | makes certain modifications to the provisions for modification of the indenture and for certain waivers, except to increase the principal amount of debt securities of any series necessary to consent to any such change or to provide that certain other provisions of the indenture cannot be modified or waived without the consent of the holder of each outstanding debt security affected by such change; |
• | if the debt securities of any series are then secured, changes the terms and conditions pursuant to which the debt securities of such series are secured in a manner adverse to the holders of such debt securities in any material respect; or |
• | makes any change in the provisions of the indenture described under “—Additional Amounts” above that adversely affects the right of any holder of such debt securities or amends the terms of such debt securities in a way that would result in a loss of an exemption from any of the taxes described thereunder or an exemption from any obligation to withhold or deduct taxes so described thereunder unless the non-U.S. payor agrees to pay additional amounts, if any, in respect thereof. |
• | in the payment of the principal of or any premium or interest on any debt security of such series, or |
• | in respect of a covenant or provision which cannot be modified or amended without the consent of the holder of each outstanding debt security of such series affected. |
• | a limited-purpose trust company organized under the New York Banking Law; |
• | a “banking organization” within the meaning of the New York Banking Law; |
• | a member of the Federal Reserve System; |
• | a “clearing corporation” within the meaning of the New York Uniform Commercial Code; and |
• | a “clearing agency” registered pursuant to the provisions of Section 17A of the Exchange Act. |
• | DTC notifies us that it is unwilling or unable to continue as a depositary for the global security or securities representing such series of securities or if DTC ceases to be a clearing agency registered under the Exchange Act at a time when it is required to be registered and a successor depositary is not appointed within 90 days of the notification to us or of our becoming aware of DTC’s ceasing to be so registered, as the case may be; |
• | we determine, in our sole discretion, not to have such securities represented by one or more global securities; or |
• | an event of default has occurred and is continuing with respect to such series of securities; |
• | to or through underwriters, brokers or dealers; |
• | in short or long transactions; |
• | through agents; |
• | through a block trade in which the broker or dealer engaged to handle the block trade will attempt to sell the securities as agent, but may position and resell a portion of the block as principal to facilitate the transaction; |
• | directly to one or more purchasers; |
• | through a combination of any of these methods of sale; or |
• | through any other methods described in a prospectus supplement. |
Item 14. | Other Expenses of Issuance and Distribution. |
SEC registration fee | | | $ (1) |
FINRA filing fee | | | (2) |
Transfer agent fees and expenses | | | (2) |
Trustee’s fees and expenses | | | (2) |
Printing expenses | | | (2) |
Legal fees and expenses | | | (2) |
Accounting fees and expenses | | | (2) |
Miscellaneous expenses | | | (2) |
Total | | | $ (2) |
(1) | Pursuant to Rules 456(b) and 457(r) under the Securities Act, the SEC registration fee will be paid at the time of any particular offering of securities under the registration statement, and is therefore not currently determinable. |
(2) | These fees and expenses are calculated based on the securities offered and the number of issuances and accordingly cannot be estimated at this time. An estimate of the aggregate expenses in connection with the issuance and distribution of the securities being offered will be included in the applicable prospectus supplement. |
Item 15. | Indemnification of Directors and Officers. |
Item 16. | Exhibits. |
Item 17. | Undertakings. |
| | | | Incorporated by Reference | | | Filed Herewith | |||||||||||
Exhibit No. | | | Description | | | Form | | | File No. | | | Exhibit | | | Filing Date | | ||
1.1* | | | Form of Underwriting Agreement. | | | | | | | | | | ||||||
| | | | 8-K | | | 001-38449 | | | 2.1 | | | 05-26-2022 | | | |||
| | | | 8-K12B | | | 001-38449 | | | 3.1 | | | 04-04-2018 | | | |||
| | | | 8-K12B | | | 001-38449 | | | 3.2 | | | 04-04-2018 | | | |||
| | | | 10-Q | | | 001-38449 | | | 4.1 | | | 06-14-2018 | | | |||
4.4* | | | Form of Certificate of Designation for Preferred Stock and Preferred Stock Certificate. | | | | | | | | | | | |||||
| | | | | | | | | | | | X | ||||||
4.6* | | | Form of Note. | | | | | | | | | | | |||||
4.7* | | | Form of Common Stock Warrant Agreement and Warrant Certificate. | | | | | | | | | | | |||||
4.8* | | | Form of Debt Securities Warrant Agreement and Warrant Certificate. | | | | | | | | | | | |||||
4.9* | | | Form of Rights Agreement. | | | | | | | | | | | |||||
4.10* | | | Form of Purchase Contract. | | | | | | | | | | | |||||
4.11* | | | Form of Unit Agreement. | | | | | | | | | | | |||||
| | | | | | | | | | | | X | ||||||
| | | | | | | | | | | | X | ||||||
| | | | | | | | | | | | X | ||||||
| | | | | | | | | | | | X | ||||||
| | | | | | | | | | | | X | ||||||
| | | | | | | | | | | | X | ||||||
| | | | | | | | | | | | X |
* | To be filed by amendment or as an exhibit to a report on Form 10-K, 10-Q or 8-K and incorporated herein by reference. |
| | Broadcom Inc. | ||||
| | | | |||
| | By: | | | /s/ Kirsten M. Spears | |
| | | | Kirsten M. Spears Chief Financial Officer and Chief Accounting Officer |
Signature | | | Title | | | Date | |
| | | | | |||
/s/ Hock E. Tan | | | President, Chief Executive Officer and Director (Principal Executive Officer) | | | July 8, 2024 | |
Hock E. Tan | | ||||||
| | | | | |||
/s/ Kirsten M. Spears | | | Chief Financial Officer and Chief Accounting Officer (Principal Financial Officer and Principal Accounting Officer) | | | July 8, 2024 | |
Kirsten M. Spears | | ||||||
| | | | ||||
/s/ Henry Samueli | | | Chairman of the Board of Directors | | | July 8, 2024 | |
Henry Samueli | | ||||||
| | | | | |||
/s/ Eddy W. Hartenstein | | | Lead Independent Director | | | July 8, 2024 | |
Eddy W. Hartenstein | | ||||||
| | | | | |||
/s/ Diane M. Bryant | | | Director | | | July 8, 2024 | |
Diane M. Bryant | | ||||||
| | | | | |||
/s/ Gayla J. Delly | | | Director | | | July 8, 2024 | |
Gayla J. Delly | | ||||||
| | | | | |||
/s/ Kenneth Y. Hao | | | Director | | | July 8, 2024 | |
Kenneth Y. Hao | | ||||||
| | | | |