Citigroup (NYSE:C), Deutsche Bank (NYSE:DB) Lead Managers on Freescale IPO, Credit Suisse (NYSE:CS) and Barclays (NYSE:BCS) Added

After going private in 2006 in a leveraged buyout, Freescale Semiconductor is close to returning to the public arena with an IPO, which is being led by Citigroup (NYSE:C) and Deutsche Bank (NYSE:DB), with additional help from Credit Suisse (NYSE:CS) and Barclays Capital(NYSE:BCS).

In 2006 the company was taken private in a $17.6 billion buyout, which left Freescale heavily indebted. As of the end of 2010, they had long-term debt of 7.58 billion.

After struggling for some time, Freescale seems to have turned the corner, generating better results recently. Revenue in the fourth quarter, which the reported last week rose by 24 percent over the year before, while their losses in the quarter shrunk.

Private equity firms Blackstone Group, Carlyle Group, Permira Funds and TPG Capital, which were involved in the buyout, have all refused to comment on the story.

Even with semiconductor sales improving, concerns over the sustainability weighs on the sector, and Freescale as well.