Attached files
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8-K - FORM 8-K - CONEXANT SYSTEMS INC | a58472e8vk.htm |
Exhibit 99.1
Editorial Contact:
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Investor Relations Contact: | |
Gwen Carlson
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Scott Allen | |
Conexant Systems, Inc.
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Conexant Systems, Inc. | |
(949) 483-7363
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(949) 483-2698 | |
CONEXANT TO REDEEM REMAINING
4.00% CONVERTIBLE SUBORDINATED NOTES
4.00% CONVERTIBLE SUBORDINATED NOTES
NEWPORT BEACH, Calif., Jan. 28, 2011 Conexant Systems, Inc. (NASDAQ: CNXT) today announced
that it intends to redeem the remaining $11,218,000 aggregate principal amount of outstanding 4.00%
convertible subordinated notes due 2026 (CUSIP Nos. 207142AG5 and 207142AH3) on March 1, 2011. The
convertible notes will be redeemed for cash at a redemption price of 100% of the principal amount
of the notes, plus accrued and unpaid interest up to, but excluding, the redemption date. The
company plans to use cash on hand to fund the redemption.
A redemption notice is being sent to holders of the convertible notes today. Convertible note
holders have the option of converting their notes into Conexant common stock at any time prior to
5:00 p.m. Eastern Time on February 28, 2011. The conversion rate is 20.3252 shares of Conexant
common stock per $1,000 in principal amount of the convertible notes, or a conversion price of
approximately $49.20 per share. As of January 27, 2011, the closing sale price of Conexant common
stock, as reported on the NASDAQ Global Select Market was $2.095 per share.
About Conexant
Conexants comprehensive portfolio of innovative semiconductor solutions includes products for
imaging, audio, embedded modem, and video surveillance applications. Conexant is a fabless
semiconductor company headquartered in Newport Beach, Calif. To learn more, please visit
www.conexant.com
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Conexant is a registered trademark of Conexant Systems, Inc.