New Issue: AMD prices $500 million 10-year senior notes at par to yield 7¾%

By Paul A. Harris

St. Louis, July 26 - Advanced Micro Devices, Inc. priced a $500 million issue of 10-year senior notes (Ba3/B+/) at par to yield 7¾% on Monday, according to an informed source.

The yield printed at the tight end of the 7¾% to 8% price talk.

J.P. Morgan Securities Inc. and Citigroup Global Markets Inc. were the joint bookrunners for the quick-to-market deal.

The Sunnyvale, Calif.-based semiconductor company will use the proceeds to help fund the tender for $800 million of its 6% convertible notes due 2015 at par.

Issuer:	Advanced Micro Devices, Inc.
Amount:	$500 million
Maturity:	Aug. 1, 2020
Securities:	Senior notes
Bookrunners:	J.P. Morgan Securities Inc., Citigroup Global Markets Inc.
Coupon:	7¾%
Price:	Par
Yield:	7¾%
Spread:	475 bps
Call features:	Make-whole call at Treasuries plus 50 bps until Aug. 1, 2015, then callable at 103.875, 102.583, 101.292, par on and after Aug. 1, 2018
Equity clawback:	35% at 107.75 until Aug. 1, 2013
Change-of-control put:	101%
Trade date:	July 26
Settlement date:	Aug. 4
Ratings:	Moody's: Ba3
	Standard & Poor's: B+
Distribution:	Rule 144A/Regulation S with registration rights
Price talk:	7¾% to 8%
Marketing:	Quick-to-market

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