Conexant buys back $80 million floaters in oversubscribed tender offer

By Angela McDaniels

Tacoma Wash., Sept. 22 - Conexant Systems, Inc. received tenders for $216.7 million of its floating-rate senior secured notes due 2010 during a tender offer that ended on Sept. 16, according to a company news release.

The total amount of notes to be purchased in the offer was $80 million, so the company accepted about 37% of the notes tendered on a pro rata basis.

The offer began on Aug. 14, and the settlement date was Sept. 19.

On Aug. 11, the company said it had completed the sale of its broadband media processing product lines to NXP Semiconductors and that it would use the majority of the $110 million in cash proceeds to retire debt.

Conexant is a fabless semiconductor company based in Newport Beach, Calif.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.