Conexant Systems tenders for 11¼% notes in change-of-control offer

By Susanna Moon

Chicago, May 27 - Conexant Systems, Inc. began a change-of-control offer for its $175 million of outstanding 11¼% senior secured notes due 2015, according to an 8-K filing with Securities and Exchange Commission.

The company will pay 101 in cash plus accrued interest up to but not including the repurchase date.

The offer will end at 5 p.m. ET on June 29.

The company completed its merger with Gold Acquisition Corp. effective on April 19.

Under the note terms, the company is required to make an offer to repurchase the notes within 45 days of the closing of the merger, which constitutes a change of control.

The Bank of New York Mellon Trust Co., NA is trustee.

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

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