Analysis
PMC Announces Redemption of 2.25% Senior Convertible Notes
PMC 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 of the outstanding principal amount of the notes plus accrued and unpaid interest.
As aIndependent 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 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.
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