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LSI calls all of Agere Systems' $243 million of 6.5% convertible notes due 2009 at 100.43
By Susanna Moon
Chicago, May 18 - LSI Corp. said it called for redemption on June 15 all the outstanding 6.5% convertible subordinated notes due 2009 of Agere Systems Inc.
The company will pay 100.43% of par plus accrued interest to the redemption date. LSI has guaranteed the notes.
Holders may convert their notes into LSI common stock at $15.3125 per share by the close of business on June 12. LSI stock (NYSE: LSI) closed at $3.87 per share on May 18.
As of May 15, $243 million principal amount of the notes was outstanding.
Funding for the redemption will come from cash on hand.
As a result of the redemption, LSI expects to incur a pre-tax charge of $1 million and realize non-cash income of $1.6 million.
LSI is a Milpitas, Calif.-based provider of silicon, systems and software technologies.
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