PMC Announces Redemption of 2.25% Senior Convertible Notes
September 20 2012 - 4:05PM
Business Wire
PMC® (Nasdaq: PMCS), the semiconductor innovator transforming
networks that connect, move, and store big data, announced today
that the Company will exercise its right under the corresponding
indenture (the “indenture”) to redeem all of the Company’s 2.25%
senior convertible notes due 2025 (the “notes”). The redemption
will take place on October 20, 2012, at one hundred per cent (100%)
of the outstanding principal amount of the notes plus accrued and
unpaid interest. As a result of the call for redemption, the notes
may also be surrendered by the Company’s holders for conversion
through October 18, 2012, as provided for in the indenture.
Independent of such redemption and related conversion right,
holders of the notes have the right at their option to require PMC
to purchase their notes on October 15, 2012. This can be done at a
purchase price payable in cash equal to one hundred percent (100%)
of the principal amount of the notes plus accrued and unpaid
interest.
PMC had previously repurchased most of the original issuance of
$225 million principal amount of the notes. Approximately $68.3
million of the principal amount of the notes remain
outstanding.
Safe Harbor Statement
This release contains forward-looking statements that may
involve risks and uncertainties. The Company’s SEC filings describe
the risks associated with the Company’s business, including PMC’s
limited revenue visibility due to variable customer demands, market
segment growth or decline, orders with short delivery lead times,
customer concentration, changes in inventory, and other items such
as foreign exchange rates and volatility in global financial
markets.
About PMC
PMC (Nasdaq: PMCS) is the semiconductor innovator transforming
networks that connect, move and store big data. Building on a track
record of technology leadership, the Company is driving innovation
across storage, optical and mobile networks. PMC’s highly
integrated solutions increase performance and enable
next-generation services to accelerate the network transformation.
For more information, visit www.pmcs.com. Follow PMC on Twitter,
LinkedIn and RSS.
© Copyright PMC-Sierra, Inc. 2012. All rights reserved. PMC and
PMC-SIERRA are registered trademarks of PMC-Sierra, Inc. in the
United States and other countries. PMCS and Adaptec by PMC are
trademarks of PMC-Sierra, Inc. Other product and company names
mentioned herein may be trademarks of their respective owners. PMC
is the corporate brand of PMC-Sierra, Inc.
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