Mon 4:30pm CNXT Conexant Announces Results and Proration of Its Tender Offer for $53.6 Million of Its Floating Rate Senior Secured Notes Due 2010 - Business Wire
NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Conexant Systems, Inc. (NASDAQ: CNXT - News) today announced the results and proration of its cash tender offer to purchase up to $53.6 million aggregate principal amount of its floating rate senior secured notes due 2010. The offer commenced on February 12, 2008, and expired at 5:00 p.m. Eastern time on March 12, 2008.
An aggregate principal amount of $275 million of the notes was tendered in the offer. The aggregate principal amount of the notes to be purchased in the offer was not to exceed $53.6 million. As such, the company accepted for purchase approximately 19.49 percent of the notes validly tendered, and not validly withdrawn pursuant to the offer on a pro rata basis. Notes not accepted for purchase will be promptly returned to the tendering holder or, if tendered through the facilities of the Depositary Trust Company (DTC), credited to the relevant account at DTC, in accordance with their procedures. The settlement date is March 17, 2008.
Conexant’s comprehensive portfolio of innovative semiconductor solutions includes products for Internet connectivity, digital imaging, and media processing applications. Conexant is a fabless semiconductor company that recorded revenues of $809 million in fiscal year 2007.
Contact: Editorial Contact: Conexant Systems, Inc. Gwen Carlson, 949-483-7363 or Investor Relations Contact: Conexant Systems, Inc. Karen Roscher, CFO, 949-483-2698
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