Conexant plans to sell or convert holding of $45 million Skyworks convertibles

New York, Dec. 3 - Conexant Systems Inc. said it plans to sell the $45 million of 15% convertible senior subordinated notes issued by Skyworks Solutions Inc. that it currently owns or convert the notes to stock and sell the stock.

Skyworks registered the notes with the Securities and Exchange Commission in January.

They pay a 15% coupon quarterly and convert into Skyworks stock at $7.87 per share. Skyworks' stock closed at $8.63 on Wednesday.

The convertibles become callable on May 12, 2004 at 103 and mature on June 30, 2005 with settlement at maturity in stock.

"We have the ability and intent to liquidate the $45.0 million 15% convertible senior subordinated notes or shares underlying the notes within the next twelve months," Conexant said in a filing with the Securities and Exchange Commission.

Skyworks, a Woburn, Mass., wireless semiconductor company, issued the notes to Conexant in exchange for outstanding debt.

Conexant is a Newport Beach, Calif., communications chipmaker.

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