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AMD extends consent date in tender offer for 8 1/8% notes due 2017
By Susanna Moon
Chicago, June 16 – Advanced Micro Devices, Inc. said it extended the consent payment date tender offer for its $278.9 million of outstanding 8 1/8% senior notes due 2017.
The consent payment deadline is now midnight ET on June 19, extended from midnight ET on June 13.
As of the previous consent deadline, investors had tendered $135.3 million, or 48.5%, of the notes, or about $4.1 million principal amount less than required to reduce the redemption notice period to three days from 30 calendar days, according to a company press release.
The tender offer will end at midnight ET on July 3. The offer was originally set to end on June 27. The offer began June 2.
Tendered notes my no longer be withdrawn, as of the original consent deadline.
As previously announced, the total purchase price will be $1,045.88 for each $1,000 of notes tendered by the consent date.
The total amount includes $20.00 for each $1,000 principal amount.
Holders who tender their notes after the consent date will receive $1,025.88 for each $1,000 of notes.
The current redemption price is $1,040.63 per $1,000 principal amount, the release noted.
AMD plans to finance the tender offer using proceeds from an upsized issue $500 million of 7% 10-year senior notes, which priced June 2, as previously reported by Prospect News.
The company previously said it also may tap cash on hand, including the remaining proceeds from its February offering of its 6¾% senior notes due 2019.
The tender is conditioned upon closing of the new notes offering.
J.P. Morgan Securities LLC (800 245-8812 or 212 270-1200) is the dealer manager for the tender offer and solicitation agent for the consent solicitation. MacKenzie Partners, Inc. (800 322-2885 or 212 929-5500) is the information agent and depositary.
AMD is a Sunnyvale, Calif.-based semiconductor manufacturer.
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