Advanced Micro Devices (AMD) To Sell $500M of Senior Notes in Private Offering
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Advanced Micro Devices, Inc. (NYSE: AMD) today announced that it has agreed to sell $500 million aggregate principal amount of its 8.125% Senior Notes due 2017 in a private offering. AMD intends to close the transaction on November 30, 2009.
AMD estimates that the net proceeds from the issuance and sale of the senior notes will be approximately $439 million after deducting original issue discount of 10.204%, the initial purchasers' discounts and estimated transactions expenses. AMD intends to use the net proceeds, along with existing cash, to purchase its 5.75% Convertible Senior Notes due 2012 validly tendered pursuant to the company's tender offer for such notes, which was previously announced. Net proceeds not used in the tender offer, if any, will be used for general corporate purposes.
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