New Issue: Anadigics sells upsized $33 million convertibles at 5.0%, up 29.53%

Nashville, Sept. 21 - Anadigics Inc. sold an upsized $33 million of five-year non-callable convertible senior notes at par to yield 5.0% with a 29.53% initial conversion premium via bookrunner Morgan Stanley.

The Rule 144A deal priced at the tight end of yield talk for a 5.0% to 5.5% coupon and aggressively outside premium guidance for a 22.5% to 27.5% initial conversion premium.

Warren, N.J.-based Anadigics, which makes radio frequency integrated circuits for wireless and broadband communications, said it plans to use proceeds to repurchase at least $20 million of its 5% convertible senior unsecured notes due 2006. Any remaining proceeds would be used for general corporate purposes.

Terms of the deal are:

Issuer:	Anadigics Inc.
Issue:	Convertible senior notes
Bookrunner:	Morgan Stanley
Amount:	$33 million, up from $30 million
Greenshoe:	$5 million, unchanged
Maturity:	Oct. 15, 2009
Coupon:	5.0%
Price:	Par
Yield:	5.0%
Conversion premium:	29.53%
Conversion price:	$5.00
Conversion ratio:	200.0000
Call:	Non-callable
Price talk:	5.0-5.5%, up 22.5-27.5%
Pricing date:	Sept. 20, after the close
Settlement date:	Sept. 24
Distribution:	Rule 144A

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