Cypress Semiconductor Calls for Redemption of Convertible Subordinated Notes.Business Editors/High-Tech Writers SAN JOSE, Calif.--(BUSINESS WIRE)--Sept. 8, 2000 Cypress Semiconductor Corporation (NYSE NYSE See: New York Stock Exchange :CY) yesterday called for the redemption of all its 6% Convertible Subordinated Notes due 2002 (the "Notes"). The redemption would be effective October 3, 2000. Approximately $160 million aggregate principal amount of the Notes is currently outstanding. The aggregate 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 the Notes is approximately $164 million. Prior to 5:00 p.m., Eastern Time, on October 2, 2000, holders may convert their Notes into shares of Cypress's common stock at a conversion rate of approximately 42.33 shares of stock per $1,000 principal amount of the Notes. On September 7, 2000, the last reported sale price of Cypress's 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. was $45.625 per share. Based upon such last reported sale price on September 7, 2000, upon conversion of the Notes, holders of the Notes would receive approximately $1,931.31 of Cypress's common stock for each $1,000 principal amount of the Notes. Alternately, holders of the Notes may have their Notes redeemed at a total redemption price of $1,024.33 per $1,000 principal amount of the Notes. The redemption would consist of: (a) the issue price of $1,000, plus (b) $24.00 of premium, plus (c) accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. of $0.33, per $1,000 principal amount of the Notes. Any Notes not converted on or before 5:00 p.m., Eastern Time, on October 2, 2000, will be automatically redeemed on October 3, 2000, at which time interest will cease to 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 the conversion and paying agent, State Street Bank and Trust Company The State Street Bank and Trust Company is a bank. It was a subsidiary of the State Street Corporation, until it sold off the retail banking portion of this unit in 1999 to Citizens Financial Group (a subsidiary of the Royal Bank of Scotland), of Providence, RI. of California, N.A., by calling Paula Oswald at 213/362-7338, or from Cypress by calling Patricia Hoot at 408/943-2113. About Cypress Cypress Semiconductor provides high-performance integrated circuit solutions "By Engineers. For Engineers.(TM)" for fast-growing companies in fast-growing markets, including data communications, telecommunications, computation, consumer products, and industrial-control. With a focus on emerging communications applications, Cypress's product lines include networking-optimized and micropower static RAMs; high-bandwidth multiport and FIFO (First In First Out) A storage method that retrieves the item stored for the longest time. Contrast with LIFO. See traffic engineering methods. FIFO - first-in first-out memories; high-density programmable logic devices; timing technology for PCs and other digital systems; and controllers for Universal Serial Bus See USB. (hardware, standard) Universal Serial Bus - (USB) An external peripheral interface standard for communication between a computer and external peripherals over an inexpensive cable using biserial transmission. (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. ). Cypress is No. 1 in the USB and clock chip markets. More than two-thirds of Cypress's sales come from fast-growing communications markets and dynamic companies such as Alcatel, Cisco, Ericsson, Lucent, Motorola, Nortel Networks, and 3Com. Cypress's ability to mix and match its broad portfolio of intellectual property enables targeted, integrated solutions for high-speed systems that feed bandwidth-hungry Internet applications. Cypress aims to become the preferred silicon supplier for Internet switching systems and for every Internet data stream to pass through at least one Cypress integrated circuit. Cypress employs more than 4,100 people worldwide with international headquarters in San Jose, California San Jose (IPA: /ˌsænhoʊˈzeɪ/) is the third-largest city in California, and the tenth-largest in the United States. It is the county seat of Santa Clara County. . Its shares are listed on the New York Stock Exchange under the symbol CY. More information about Cypress is accessible electronically on the company's worldwide web site at http://www.cypress.com or by CD-ROM CD-ROM: see compact disc. CD-ROM in full compact disc read-only memory Type of computer storage medium that is read optically (e.g., by a laser). (call 1-800-858-1810). An electronic investor forum and other investor information are located at http://www.cypress.com/investor/index.html. |
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