Short Take: Cirrus exceeds fundraising goal
Chip maker Cirrus Logic has raised $300 million in a private placement of convertible subordinated notes, surpassing its goal of $175 million. The notes bear interest at 6.0 percent, mature in December 2003, and are convertible into shares of Cirrus Logic common stock at $24.2188 per share. Proceeds will be used for general working capital and to repay the company's debts.
Chip maker has raised $300 million in a private placement of convertible
subordinated notes, surpassing its goal of $175 million. The notes bear interest at 6.0 percent, mature in December 2003,
and are convertible into shares of Cirrus Logic common stock at
$24.2188 per share. Proceeds will be used for general working capital
and to repay the company's debts.