Cypress Calls For Redemption Of 1.25% Convertible Subordinated Plus Cash(SM) Notes.SAN JOSE, Calif. -- Cypress Semiconductor Corp. (NYSE NYSE See: New York Stock Exchange :CY) ("Cypress") is calling today for redemption on February 26, 2007, of all of its 1.25% Convertible Subordinated Plus Cash(SM) Notes due June 15, 2008 (the "Notes"). The aggregate principal amount outstanding of the Notes is approximately $599.0 million. The CUSIP CUSIP See: Committee on Uniform Securities Identification Procedures CUSIP See Committee on Uniform Securities Identification Procedures. ([R]) number for the Notes is 232806 AH2. Prior to 5:00 p.m. Eastern Time on February 23, 2007, holders may convert their Notes into (i) 55.172 shares of Cypress common stock per $1,000 principal amount of Notes plus (ii) $300 per $1,000 principal amount of Notes. Cash will be paid in lieu of fractional shares. On February 5, 2007, the last reported sale price of Cypress common stock on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. Composite Tape Composite tape See: Tape composite tape A security price reporting service that includes all transactions in a security on each of the exchanges and in the over-the-counter market. was $18.86 per share. Alternatively, holders may have their Notes redeemed on February 26, 2007. Upon redemption, holders will receive a total of $1,002.43 per $1,000 principal amount of Notes (consisting of the redemption price Redemption price See: Call price redemption price 1. The price at which an open-end investment company will buy back its shares from the owners. In most cases, the redemption price is the net asset value per share. 2. of $1,000.00 per $1,000 principal amount of Notes, plus accrued and unpaid interest thereon from December 15, 2006 up to but not including February 26, 2007, of approximately $2.43). Any Notes not converted on or before 5:00 p.m. Eastern Time on February 23, 2007 will be automatically redeemed on February 26, 2007, and no further interest will accrue. A Notice of Redemption is being mailed to all registered holders of the Notes. Copies of the Notice of Redemption may be obtained from U.S. Bank National Association, the Conversion Agent and Paying Agent Paying Agent An agent who accepts payments from the issuer of a security and then distributes the payments to the holders of the security. Also known as a "disbursing agent. , by calling Paula Oswald at (213) 615-6043. The address of U.S. Bank National Association is 633 West Fifth Street, 24th Floor, Los Angeles, CA 90071. About Cypress Cypress delivers high-performance, mixed-signal, programmable solutions that provide customers with rapid time-to-market and exceptional system value." Cypress offerings include the PSoC[R] Programmable System-on-Chip[TM], USB USB in full Universal Serial Bus Type of serial bus that allows peripheral devices (disks, modems, printers, digitizers, data gloves, etc.) to be easily connected to a computer. controllers, general-purpose programmable clocks and memories. Cypress also offers wired and wireless connectivity solutions ranging from its WirelessUSB[TM] radio system-on-chip, to West Bridge[TM] and EZ-USB[R] FX2LP controllers that enhance connectivity and performance in multimedia handsets. Cypress serves numerous markets including consumer, computation, data communications, automotive, industrial, and solar power. Cypress trades on the NYSE under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors CY. Visit Cypress online at www.cypress.com. Cypress and the Cypress logo are registered trademarks of Cypress Semiconductor Corporation. All other trademarks are the property of their respective owners. |
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