Cypress Semiconductor Corp, San Jose issued $110m of seven-year discounted convertible subordinated debentures due 2001, with a coupon of 3.15%, a current yield of 3.75% and a yield-to-maturity of 6.04% in a private placing. The debentures are at a conversion premium of 24%, or an initial conversion price of $23.25; convertible to approximately 3,969,600 shares. […]
Cypress Semiconductor Corp, San Jose issued $110m of seven-year discounted convertible subordinated debentures due 2001, with a coupon of 3.15%, a current yield of 3.75% and a yield-to-maturity of 6.04% in a private placing. The debentures are at a conversion premium of 24%, or an initial conversion price of $23.25; convertible to approximately 3,969,600 shares. Net proceeds are about $89.8m, to be used mainly for expansion of the company’s manufacturing capacity by adding a new wafer fabrication facility at the same site as the current Cypress Minnesota plant, in Bloomington, Minnesota.
