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Conexant Systems buys back $115.2 million 4% convertibles, plans to buy back or call remainder
By Angela McDaniels
Tacoma, Wash., May 10 - Conexant Systems, Inc. has repurchased approximately $115.2 million of its 4% convertible subordinated notes due March 2026 since the fiscal second quarter ended on April 2, according to its 10-Q report for the period filed with the Securities and Exchange Commission.
The convertibles were acquired in a private purchase. The company said it will record an extinguishment loss on this transaction, which is primarily composed of the unamortized debt discount related to the convertibles repurchased.
Approximately $12.5 million of the convertibles remain outstanding. The company plans to repurchase or redeem these before March 1, 2011, when they are putable at par.
Conexant is a fabless semiconductor company based in Newport Beach, Calif.
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