Magma Design to exchange 2% convertibles due 2010 for 8% convertibles

By Jennifer Chiou

New York, May 22 - Magma Design Automation, Inc. announced that it filed a Form S-4 in anticipation of a planned offer to issue up to $44,945,000 of 8% convertible senior notes due 2010 in exchange for all of its 2% convertible senior notes due May 15, 2010.

The company said the purpose of the exchange is to replace the existing 2% notes in order to improve Magma's liquidity and financial condition.

The company is a Santa Clara, Calif., maker of semiconductor design software.

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