AMI Semiconductor tenders for 10¾% notes

New York, March 2 - AMI Semiconductor, Inc. said it has begun a cash tender offer for all its 10¾% senior subordinated notes due 2013.

The Pocatello, Ida., chipmaker is also soliciting consent to amend the note indenture to eliminate substantially all of the restrictive covenants and certain events of default.

For each $1,000 principal amount of notes tendered with consents by 5 p.m. ET on March 17, AMI will pay the present value of the $1,053.75 redemption price on the first call date of Feb. 1, 2008 plus the interest that would be paid from the date of payment up to and including the first call date, discounted using the sum of the yield of a 3 3/8% U.S. Treasury Note due Feb. 15, 2008 plus 100 basis points. Of the total, $30 is the consent payment. Holders who tender after the consent deadline of 5 p.m. ET on March 17 will not receive the consent payment.

AMI will also pay accrued interest up to but excluding the date of payment.

The tender offer expires at 11:59 p.m. ET on March 31.

The offer is subject to conditions including completion of a new senior secured credit facility, which will be used together with existing cash to fund the tender.

The tender is also subject to a majority of the notes being submitted with consents.

Credit Suisse First Boston LLC is dealer manager and solicitation agent (800 820-1653 or 212 325-3784). MacKenzie Partners, Inc. is the information agent (800 322-2885).

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