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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 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.