Applied Magnetics Corp. completes the sale of $115.0 million of convertible subordinated debentures.GOLETA, Calif.--(BUSINESS WIRE)--March 25, 1996--Applied Magnetics Corp. (NYSE NYSE See: New York Stock Exchange :APM (Advanced Power Management) A programming interface (API) from Intel and Microsoft for battery-powered computers that lets programs communicate power requirements to slow down and speed up components. See ACPI. APM - Advanced Power Management ) Monday announced that it has completed the sale, in an offshore offering and in a concurrent private placement in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , of $115.0 million of 7 percent convertible subordinated debentures subordinated debenture An unsecured bond with a claim to assets that is subordinate to all existing and future debt. Thus, in the event that the issuer encounters financial difficulties and must be liquidated, all other claims must be satisfied before due 2006. The debentures, non-callable for three years, will be convertible into common stock at a rate of $18.60 per share, which equates to an aggregate of approximately 6,182,796 shares of the company's common stock. Proceeds from the sale of the debentures will be used to repay debt, to fund capital expenditures and for general corporate purposes. Neither the debentures nor the common stock issuable upon conversion have been registered under the United States Securities Act of 1933. Accordingly, these securities may not be offered or sold in the United States or to any U.S. person absent registration or an applicable exemption from the registration requirements. Applied Magnetics, with headquarters in Goleta, is a major independent supplier of magnetic recording heads for disk drive applications for the worldwide data storage segment of the computer industry. This announcement is neither an offer to sell nor a solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual of an offer to buy any of these securities. CONTACT: Applied Magnetics Corp., Goleta Craig D. Crisman, 805/683-5353 |
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