Conexant Completes Private Offering of $350 Million of Convertible Subordinated Notes.NEWPORT BEACH Newport Beach, residential and resort city (1990 pop. 66,643), Orange co., S Calif., on Newport Bay and the Pacific Ocean; inc. 1906. It is a popular seaside resort and yachting center. Manufactures include electrical and medical equipment, computers, boats, and adhesives. , Calif.--(BUSINESS WIRE)--May 12, 1999-- 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) Wednesday announced that it has completed the private offering of $350 million aggregate principal amount of its 4 1/4% Convertible Subordinated Notes Due 2006 (including $50 million of notes issued upon exercise of the initial purchasers' over-allotment option). The size of the offering was increased from the $250 million amount (not including the over-allotment option) previously announced. The notes are convertible into the company's common stock at a conversion price of $46.196 per share, subject to adjustment. The company stated that it intends to use the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of the offering to repay amounts outstanding under its bank credit facility, to acquire additional manufacturing equipment, to make strategic investments to secure long-term access to advanced silicon wafer fabrication Wafer Fabrication is a procedure composed of many repeated sequential processes to produce complete electrical or photonic circuits. Examples include production of radio frequency (RF) amplifiers, LEDs, optical computer components, and CPUs for computers. capacity from third parties, and for general corporate purposes. The securities offered have not been registered under the Securities Act of 1933, as amended, or applicable state securities laws, and 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. absent registration under the Securities Act and applicable state securities laws or available exemptions from such registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy the securities. Any offer of the securities will be made only by means of a private offering memorandum Offering Memorandum A legal document stating the objectives, risks, and terms of investment involved with a private placement. Notes: The private placement of hedge funds necessitates the issue of memorandums. . |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion