Conexant to issue stock in exchange for $3.3 million 4% convertibles

By Angela McDaniels

Tacoma, Wash., Nov. 23 - Conexant Systems, Inc. will issue 1,249,022 shares of its common stock in exchange for $3.3 million principal amount of its outstanding 4% convertible subordinated notes due 2026 under exchange agreements reached between Nov. 20 and Nov. 22, according to an 8-K filing with the Securities and Exchange Commission.

The holders will also receive accrued interest on the convertibles exchanged.

The company noted that the convertibles are putable at par on March 1, 2011.

Conexant is a fabless semiconductor company based in Newport Beach, Calif.

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