Holders may convert Cypress' $600 million in 1% convertible senior notes

By Devika Patel

Knoxville, Tenn., Jan. 22 - Cypress Semiconductor Corp. said in an 8-K filed Tuesday with the Securities and Exchange Commission that its $600 million of 1% convertible senior notes will be convertible through March 31.

The conversion opportunity arose because for at least 20 trading days during the 30 consecutive trading days up to Dec. 31, the closing price of the company's common stock was higher than $31.07, or 130% of the conversion price of the notes.

Holders who convert will receive cash for the principal amount and, at the company's option, common stock for any premium, if applicable.

Cypress is a San Jose, Calif.-based semiconductor manufacturer.

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