Applied Magnetics announces plans to raise $100 million through the sale of convertible subordinated notes.GOLETA, Calif.--(BUSINESS WIRE)--March 4, 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 ) announced plans to raise $100 million through the sale of convertible subordinated notes to institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. and non-U.S. investors. The notes will be convertible into Applied Magnetics common stock and will have a 10-year term. Neither the notes nor the common stock issuable upon conversion have been registered under the Securities Act of 1933. Accordingly, these securities may not be offered or sold 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. or to any U.S. person absent registration or an applicable exemption from the registration requirements of the Act. Craig Crisman, chairman and chief executive officer, said: "Proceeds from the sale of the notes will be used to repay debt and for working capital and other general corporate purposes, including capital expenditures for increases in the production of MR and advanced inductive inductive 1. eliciting a reaction within an organism. 2. inductive heating a form of radiofrequency hyperthermia that selectively heats muscle, blood and proteinaceous tissue, sparing fat and air-containing tissues. thin film products." Applied Magnetics, with headquarters in Goleta, is a major independent supplier of magnetic recording heads for the disk drive applications for the worldwide data storage segment of the computer industry. CONTACT: Applied Magnetics Corp., Goleta Craig D. Crisman, 805/683-5353 |
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