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Advanced Micro Devices exercises clawback to redeem up to 35% of 7¾% notes due 2012
By Jennifer Chiou
New York, Jan. 23 - Advanced Micro Devices, Inc. announced plans to redeem 35% of its 7¾% senior notes due 2012, using the equity clawback provision.
The Sunnyvale, Calif., company said it intends to use about $226 million of proceeds from a $500 million stock offering to redeem the notes. Remaining proceeds will go towards capital expenditures, working capital and other general corporate purposes, including the possible repayment of indebtedness.
The stock sale gives the underwriter, Merrill Lynch & Co., a $75 million greenshoe.
Advanced Micro Devices provides services for computing, communications and consumer electronics markets.
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