AMD to sell $500m of senior notes
Sunnyvale, July 27, 2010
Advanced Micro Devices (AMD) has agreed to sell $500 million aggregate principal amount of its 7.75 per cent Senior Notes due 2020 in a private offering, with plans to close the transaction on or around August 4.
AMD estimates that the net proceeds from the issuance and sale of the senior notes will be approximately $489.8 million after deducting the initial purchasers’ discounts and estimated transactions expenses.
AMD intends to use the net proceeds, along with existing cash, to purchase its 6.00 per cent convertible senior notes due 2015 validly tendered pursuant to the company’s tender offer for such notes, which was previously announced.
Net proceeds not used in the tender offer, if any, will be used for general corporate purposes, said a statement.
The new senior notes have not been registered under the Securities Act of 1933, as amended, or applicable state securities laws, and will be offered only to qualified institutional buyers in reliance on Rule 144A and in offshore transactions pursuant to Regulation S under the Securities Act of 1933, as amended, it added.
Unless so registered, the new senior notes may not be offered or sold in the US except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state, the statement said. – TradeArabia News Service