Cadence Design plans to buy back $200 million zero-coupon convertibles

By Angela McDaniels

Seattle, Dec. 12 - Cadence Design Systems, Inc. plans to repurchase up to $200 million of its $420 million principal amount of zero-coupon convertible notes due 2023, according to a company news release.

The proposed repurchase will be funded with a portion of the proceeds from its planned offer of $250 million convertible senior notes due 2011 and $250 million convertible senior notes due 2013.

Cadence Design Systems is an electronic design technology company based in San Jose, Calif.

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