Analog Devices calls $1.2 billion 4.75% convertibles

New York, Sept. 2 - Analog Devices called for redemption its $1.2 billion outstanding 4.75% convertible subordinated notes due 2005.

The Norwood, Mass. maker of signal processing chips will redeem the convertibles on Oct. 1 at a price of $1,042.75 per $1,000 principal amount, made up of par plus a redemption premium of $19.00 and accrued interest of $23.75.

Holders may convert the notes into Analog Devices stock up 5.00 p.m. ET on Sept. 30 at a price of $129.78 per share or 7.7056 shares per $1,000 principal amount of convertibles. Analog Devices stock closed at $41.70 Tuesday.

STMicroelectronics buys back $354.88 million 0% convertibles, starts tender

New York, Sept. 2 - STMicroelectronics said it repurchased $354.884 million of its zero-coupon senior convertible bonds due 2010 at a cost of $278.158 million and announced a tender offer.

The Geneva chipmaker said the buyback was carried out in off-market transactions after the Euronext Paris exchange closed on Aug. 29. The average price was $783.80 per $1,000 principal amount.

The latest repurchase represents 16.54% of the total amount originally issued.

STMicroelectronics said it has now bought back 46.49% of the original amount.

The company said it is required to offer to buy convertibles outstanding on the French market and outside the U.S.

Under the tender, STMicroelectronics is offering to pay the $783.80 per $1,000 principal amount, equivalent to the average paid in the buyback. The offer runs from Sept. 1 through Sept. 5.

In May, STMicroelectronics bought back $214 million of the convertibles for $167.4152 million or an average price of $782.314.

In March it repurchased $482.77 million of the convertibles for $328.21 million or an average of $765.47.

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