Jazz Technologies redeems all remaining 8% exchangeables due 2011

By Angela McDaniels

Tacoma, Wash., Oct. 10 - Jazz Technologies Inc. redeemed its $35,091,000 of outstanding 8% notes due Dec. 31, 2011 exchangeable for Tower Semiconductor Ltd. common stock, according to a company news release.

The company financed the early redemption with available cash on hand.

Following this redemption, Jazz Technologies does not have any notes due before 2015.

Jazz Technologies is a subsidiary of Tower Semiconductor and the parent company of Jazz Semiconductor Ltd. Tower Semiconductor and Jazz Semiconductor are wafer foundries based in Migdal Haemek, Israel, and Newport Beach, Calif., respectively.

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