Magma to exchange $47.4 million convertibles

New York, Feb. 27 - Magma Design Automation Inc. said it will exchange $47.4 million of its zero-coupon convertible subordinated notes due May 15, 2008 for an equal amount of new 2% convertible senior notes due May 15, 2010.

Following the exchange, the Santa Clara, Calif., maker of semiconductor design software will have $17.7 million of the notes due 2008 outstanding.

The new notes will be convertible at $15.00 per share and have net share settlement. Magma will be able to call them from May 20, 2009 at par. Magma stock closed at $10.28 Tuesday.

Settlement of the exchange is expected on March 2.

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