Conexant Systems gets tenders for $104.66 million of 4% convertibles

By Angela McDaniels

Tacoma, Wash., March 31 - Conexant Systems, Inc. received $104,662,000 principal amount, or 45.04%, of its 4% convertible subordinated notes due 2026 during a tender offer that expired at midnight ET on March 30, according to a company news release.

Holders will receive par plus accrued interest up to but excluding the payment date, which was expected to be March 31.

After the purchase of the tendered notes is completed, $127,708,000 principal amount of convertibles will remain outstanding.

The convertibles are putable in March 2011.

The company is funding the tender offer with the proceeds from a common stock offering, a $175 million placement of 11.25% senior secured notes due 2015 and available cash.

Conexant is a fabless semiconductor company based in Newport Beach, Calif.

© 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.