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AMD starts tenders, offers $1.04 billion for 6¾%, 7%, 7½%, 7¾% notes
New York, Sept. 9 – Advanced Micro Devices announced a tender offer in which it is offering to pay up to $1,035,000,000 for its 6¾% senior notes due 2019, 7¾% senior notes due 2020, 7½% senior notes due 2022 and 7% senior notes due 2024.
The company is also soliciting consents for the 7¾% notes in order to reduce the minimum notice period for a redemption of the notes to three business days from 30 days.
Funding from the tender will come from AMD’s recently priced $600 million sale of common stock and $700 million sale of 2.125% convertible senior notes due 2026, according to a news release.
AMD is offering the following amounts for the notes, with the securities listed in order of priority:
• $1,090.00 per $1,000 principal amount for the 6¾% notes;
• $1,027.08 per $1,000 principal amount for the 7¾% notes;
• $1,070.00 per $1,000 principal amount for the 7½% notes; and
• $1,030.00 per $1,000 principal amount for the 7% notes.
All the prices include an early tender premium of $50.00 per $1,000 principal amount that will only be paid to holders who submit their securities for purchase by the early deadline of 5 p.m. ET on Sept. 22.
The tender ends at midnight ET at the end of the day on Oct. 6.
AMD will also pay accrued interest up to but excluding the settlement date.
In addition to the overall cap, the company will accept a maximum of $25 million principal amount of each of the 7½% and 7% notes.
J.P. Morgan Securities LLC (866 834-4666), Barclays Capital Inc. (800 438-3242) and Credit Suisse Securities (USA) LLC (800 820-1653) are dealer managers for the tender offers and solicitation agents for the consent solicitation.
D.F. King & Co., Inc. (800 290-6433) is tender agent and information agent.
AMD is a Sunnyvale, Calif. maker of semiconductors.
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