AMD begins cash tender offer for $800 million 6% convertibles due 2015

By Devika Patel

Knoxville, Tenn., July 26 - Advanced Micro Devices, Inc. said it launched a cash tender offer for up to $800 million of its 6% convertible senior notes due 2015.

The company will pay par for the notes, plus interest up to but excluding the payment date.

The tender offer will expire at midnight ET on Aug. 20.

If more than $800 million principal amount of convertibles is tendered, the company will accept convertible for purchase on a pro rata basis.

AMD intends to finance the tender offer with the proceeds from its $500 million private offering of senior notes, along with its existing cash.

J.P. Morgan Securities Inc. (800 261-5767) and Citigroup Global Markets Inc. (800 558-3745) are the dealer managers for the tender offer.

AMD is a Sunnyvale, Calif.-based maker of computer processor chips.

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