Zarlink buys C$21,000 convertibles at C$700 in tender offer

New York, July 15 - Zarlink Semiconductor Inc. said it will buy C$21,000 principal amount of its 6% convertible unsecured subordinated debentures due Sept. 30, 2012 in its tender offer for the securities.

The purchase price will be C$700 per C$1,000 principal amount.

Zarlink announced the tender on June 8, saying its board of directors had authorized a formal issuer bid to purchase for cancellation up to C$24 million principal amount of the convertibles.

The purchase price was determined through a modified Dutch auction. The price per C$1,000 principal amount will not be less than C$500 and not greater than C$700.

Zarlink said it would select the lowest purchase price that will allow it to purchase the maximum amount of convertibles for C$12 million.

If the combined purchase price of all convertibles offered and accepted under the offer exceeds C$12 million, the convertibles tendered will be subject to proration.

The company will also pay accrued interest up to but excluding the expiration date of the offer, which was 5 p.m. ET on July 15.

Zarlink makes semiconductors and is based in Ottawa.

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