Conexant Announces Results and Proration of Its Tender Offer for $73 Million of Its Floating Rate Senior Secured Notes Due 2010.Company Also Completes Purchase of an Additional $7 Million of Notes NEWPORT BEACH, Calif. -- Conexant Systems, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CNXT) today announced the results and proration Proration A situation during a corporate action in which the available cash or shares are not sufficient to satisfy the offers tendered by shareholders. Therefore, a proportion of both cash and shares is granted for each offer tendered. of its cash tender offer to purchase up to $73 million aggregate principal amount of its floating rate senior secured notes due November 2010. The offer commenced on Aug. 26, 2009, and expired at 5:00 p.m. Eastern time on Sept. 24, 2009. In a separate transaction, the company announced that it completed the purchase of an additional $7 million of its floating rate senior secured notes. An aggregate principal amount of $133.086 million of the notes was tendered in the offer. The aggregate principal amount of the notes to be purchased in the offer was not to exceed $73 million. As such, the company accepted for purchase approximately 54.9 percent of the notes validly tendered, and not validly withdrawn pursuant to the offer on a pro rata [Latin, Proportionately.] A phrase that describes a division made according to a certain rate, percentage, or share. In a Bankruptcy case, when the debtor is insolvent, creditors generally agree to accept a pro rata share of what is owed to them. basis. Notes not accepted for purchase will be promptly returned to the tendering holder or, if tendered through the facilities of the Depository Trust Company Depository Trust Company (DTC) DTC is the world's largest central securities depository. It accepts deposits of over 2 million equity and debt securities issues (valued at $23 trillion) from over 65 countries for custody, executes book-entry deliveries (valued at over $116 trillion (DTC DTC See: Depository Transfer Check DTC See: Depository Trust Company DTC See Depository Trust Company (DTC). ), credited to the relevant account at DTC, in accordance with their procedures. The settlement date for the tender is Sept. 30, 2009. About Conexant Conexant's comprehensive portfolio of innovative semiconductor solutions includes products for imaging, audio, video and embedded-modem applications. Conexant is a fabless semiconductor company A fabless semiconductor company specializes in the design and sale of hardware devices implemented on semiconductor chips. It achieves an advantage by outsourcing the fabrication of the devices to a specialized semiconductor manufacturer called a semiconductor foundry or "fab. headquartered in Newport Beach, Calif. To learn more, please visit www.conexant.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion