Cypress Semiconductor calls 1.25% convertibles

By Angela McDaniels

Seattle, Feb. 5 - Cypress Semiconductor Corp. will redeem its $599 million outstanding 1.25% convertible subordinated plus cash notes due June 15, 2008 on Feb. 26, according to a company news release.

The company will pay par plus accrued interest up to but excluding the redemption date for a total of $1,002.43 per $1,000 principal amount of notes.

Prior to 5 p.m. ET on Feb. 23, noteholders may convert their notes into 55.172 shares of Cypress common stock and $300 in cash per $1,000 principal amount of notes.

The San Jose, Calif.-based chipmaker's stock closed at $18.86 (NYSE: CY) on Monday.

U.S. Bank NA (213 615-6043) is the conversion and paying agent.

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