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Prospect News home > News index > List of issuers T > Headlines for Tenders 2009 > News item |
Conexant wraps oversubscribed tender for up to $73 million floaters
By Jennifer Chiou
New York, Sept. 30 - Conexant Systems, Inc. said it received tenders for $133,086,000 of notes in its completed offer for up to $73 million of its floating-rate senior secured notes due November 2010.
The offer ended at 5 p.m. ET on Sept. 24.
In a separate transaction, the company announced that it completed the purchase of an additional $7 million of the floaters.
Because the amount of tenders exceeded the cap, the company accepted the tenders on a pro rata basis using a ratio of 54.9%. Settlement occurred on Wednesday.
The offer began on Aug. 26.
Conexant previously said that if it decreased the outstanding principal amount of the notes by $80 million, its interest payments would be reduced by more than $5 million per year.
The repurchases were funded with a combination of proceeds from the recently completed sale of the company's broadband access product lines to Ikanos Communications, Inc., other completed transactions and cash from the balance sheet.
According to the company's prior 10-Q report, there was $141.4 million principal amount of notes outstanding as of July 3.
Conexant is a fabless semiconductor company based in Newport Beach, Calif.
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