Applied Materials calls $400 million of 2.65% senior notes due 2016

By Susanna Moon

Chicago, Oct. 2 – Applied Materials, Inc. issued a call Friday for its $400 million principal amount of outstanding 2.65% senior notes due 2016, according to an 8-K filing with the Securities and Exchange Commission.

The notes will be redeemed on Nov. 5 at a price equal to the greater of par and the sum of the present values of the remaining scheduled payments of principal and interest on the notes discounted to the redemption date on a semiannual basis using a discount rate equal to the treasury rate plus 15 basis points, plus accrued interest.

Applied Materials said it intends to use some of the proceeds from the issue of its senior notes on Sept. 24 to fund the redemption.

As previously reported, Applied Materials priced $1.8 billion of senior notes on Sept. 21 in tranches due 2020, 2025 and 2035.

Applied Materials is a Santa Clara, Calif., manufacturer of semiconductor equipment.

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