Cadence Design buys back $200 million of two note series at discount

By Susanna Moon

Chicago, June 15 - Cadence Design Systems, Inc. repurchased about $100 million principal amount of its 1.375% convertible senior notes due 2011 for about $98 million and $100 million principal amount of its 1.5% convertible senior notes due 2013 for about $89 million, according to an 8-K filing with the Securities and Exchange Commission.

Cadence bought back the notes using proceeds from its $300 million offering of 2.625% cash convertible senior notes due 2015 on June 15.

In connection with the repurchase, Cadence said it terminated a portion of the related convertible note hedge transactions entered into with some initial purchasers of the two series of notes.

The company noted on June 9 that it planned to use up to $200 million of the proceeds from the offering to buy back some of the notes.

Cadence Design is a San Jose, Calif.-based computer software and hardware developer.

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