PMC-Sierra says $106.9 million 3¾% convertibles tendered

New York, Jan. 7 - PMC-Sierra Inc. said holders tendered $106.9 million of its 3¾% convertible subordinated notes due 2006 in its offer to buy the securities for cash.

The company now has $68.1 million of the convertibles still outstanding.

PMC-Sierra announced the cash tender offer for up to $150 million principal amount of its 3¾% convertibles on Dec. 3.

The offer covers about 86% of the $175 million outstanding principal amount of the securities.

The Santa Clara, Calif., maker of communications and storage semiconductors and microprocessors said when it announced the offer that it was carrying out the transaction to reduce its debt and interest expense.

PMC-Sierra was offering par plus accrued interest for the convertibles.

The offer expired at 5 p.m. ET Jan. 6.

PMC-Sierra funded the offer with cash on hand.

Merrill Lynch was dealer manager for the offer (888 ML4-TNDR or 212 449-4914). D. F. King & Co. Inc. was the information agent (banks and brokers call 212 269-5550, others 800 659-6590).

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