Mindspeed issues new 6.5% convertibles in exchange for $15 million of 3.75% convertibles

By Angela McDaniels

Tacoma, Wash., Aug. 4 - Mindspeed Technologies, Inc. said it exchanged $15 million of its 3.75% convertible senior notes due 2009 for $15 million of a new series of 6.5% convertible senior notes due 2013.

The exchanges closed on Friday, according to a company news release.

The conversion price of the new notes is about $4.74 per share of common stock, and the company can pay cash, shares or a combination upon conversion.

The conversion price of the 3.75% convertibles was changed to $11.55 per share from $2.31 effective July 1 due to a reverse stock split, it was previously reported.

In total, $31 million of the 3.75% convertibles remain outstanding.

Newport Beach, Calif.-based Mindspeed produces semiconductor networking solutions for communications applications in enterprise, access, metropolitan and wide-area networks.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.