PMC-Sierra calls $68.1 million 3.75% convertibles

By Caroline Salls

Pittsburgh, Dec. 17 - PMC-Sierra Inc. said it will redeem the $68.1 million remaining of its 3.75% convertible subordinated notes due Aug. 15, 2006 on Jan. 18 at a price of $1,030.94 per $1,000 principal amount of notes.

Holders can convert their notes into shares of PMC-Sierra common stock at a conversion price of $42.43, or 23.57 shares of stock per $1,000 principal amount of notes.

PMC-Sierra stock closed at $10.97 Thursday.

PMC-Sierra is a Santa Clara, Calif.-based provider of high-speed broadband communications, storage semiconductors and MIPS-powered processors.

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