Spansion 2% notes now exchangeable for Cypress Semiconductor stock

By Angela McDaniels

Tacoma, Wash., March 12 – Spansion LLC’s 2% exchangeable senior notes due 2020 were amended in connection with its acquisition by Cypress Semiconductor Corp., according to an 8-K filing with the Securities and Exchange Commission.

Under the amendment, the exchange rate of the notes is now 177.1323 shares of Cypress common stock per $1,000 principal amount of notes.

Immediately prior to the merger, the exchange rate was 72.0929 shares of Spansion common stock per $1,000 principal amount of notes.

The new exchange rate is equal to the number of shares of Cypress common stock that the noteholders would have been entitled to receive had they exchanged their notes immediately prior to the merger.

Cypress and Spansion are semiconductor makers based in San Jose, Calif., and Sunnyvale, Calif., respectively.

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