Conexant calls for redemption $11.22 million 4% convertibles due 2026

By Toni Weeks

San Diego, Jan. 28 - Conexant Systems, Inc. said that it will redeem the remaining $11,218,000 of its 4% convertible subordinated notes due 2026, according to a news release.

The notes will be redeemed on March 1 at par plus accrued interest. The company will use cash on hand to fund the redemption.

Conexant note holders will have the option of converting their notes into Conexant common stock at any time prior to 5 p.m. ET on Feb. 28 at a conversion rate of 20.3252 shares per $1,000 principal amount of notes, a conversion price of approximately $49.20 per share. Conexant stock closed at $2.10 on Thursday.

Conexant is a fabless semiconductor company based in Newport Beach, Calif.

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