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Advanced Micro Devices to Offer $1.5 Billion of Convertible Senior Notes

Advanced Micro Devices, Inc. today announced its intention to offer, subject to market and other conditions, $1.5 billion aggregate principal amount of convertible senior notes in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. AMD expects to grant to the initial purchaser a 30-day option to purchase up to $225 million aggregate principal amount of additional notes to cover over allotments.

AMD expects to use the net proceeds of the offering, together with available cash, to repay in full the outstanding balance of the term loan AMD entered into with Morgan Stanley Senior Funding, Inc. in October 2006. If the initial purchaser exercises its over-allotment option, AMD expects to use the additional net proceeds for general corporate purposes, including working capital and capital expenditures.

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Posted by | Wed, Aug 08, 2007 - 09:04 PM