Cypress plans exchange for $128 million of Spansion 2% exchangeables

By Susanna Moon

Chicago, Nov. 2 – Cypress Semiconductor Corp. plans to exchange about $128 million of the 2% senior exchangeable notes due 2020 issued by Spansion LLC, a wholly owned subsidiary.

In exchange, Cypress expects to pay about $129.7 million in cash and issue about 17 million common shares under separate privately negotiated exchange agreements with holders, according to a company announcement.

The cash amount in the exchange will be funded with proceeds of a new offering along with cash on hand.

The issuer priced $130 million principal amount of 2% convertible senior notes due Feb. 1, 2023 in a private placement to qualified institutional buyers under Rule 144A with a 30-day over-allotment option for another $20 million principal amount.

Cypress is a San Jose, Calif.-based manufacturer of mixed-signal integrated circuits.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.