Advanced Micro Devices exchanges $70 million 4.5% convertibles for stock

New York, Oct. 21 - Advanced Micro Devices Inc. said it has agreed to exchange $70 million of its 4.5% convertible senior notes due 2007 plus accrued interest for 10.55 million shares of common stock.

The transaction is expected to settle on Oct. 22, according to an 8-K filing with the Securities and Exchange Commission.

Advanced Micro Devices is a Sunnyvale, Calif., chipmaker.

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