Anadigics greenshoe exercised, raising convertibles to $38 million

Pittsburgh, Sept. 28 - Anadigics Inc. said the underwriters of its recent offering of 5% convertible senior notes due 2009 exercised the $5 million over-allotment option in full, bringing the size of the deal to $38 million.

The Warren, N.J.-based maker of radio frequency integrated circuits for wireless and broadband communications originally priced $33 million of the securities after the close on Sept. 20 to yield 5% with a 29.53% initial conversion premium.

Morgan Stanley was the bookrunner for the Rule 144A deal.

Anadigics used proceeds to buy back $20 million of its outstanding 5% convertible senior unsecured notes due 2006. Remaining proceeds will be used for general corporate purposes.

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