PMC-Sierra, Inc. (PMCS)

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PMC-Sierra Announces Results of Tender Offer for Its 3.75% Convertible Subordinated Notes

SANTA CLARA, Calif.--(BUSINESS WIRE)--Jan. 7, 2004--PMC-Sierra, Inc. (Nasdaq:PMCS), a leading provider of high-speed broadband communications and storage semiconductors and MIPS-based microprocessors, today announced the results of its cash tender offer for up to $150 million in aggregate principal amount of its outstanding 3.75% convertible subordinated notes (the "Notes") due August 15, 2006.

PMC-Sierra has accepted and paid for $106.9 million of the Notes that were tendered under the offer, which expired on January 6, 2004. As a result, the Company now has $68.1 million of the Notes remaining on its balance sheet.

Merrill Lynch & Co. served as the dealer manager for the tender offer, U.S. Bank National Association as the depositary, and D.F. King & Co., Inc. as the information agent.