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Agere Prices Offering

Agere Systems prices its offering of $410M of convertible subordinated notes at par

June 14, 2002

1 Min Read

ALLENTOWN, Pa. -- Agere Systems (NYSE: AGR.A, AGR.B) announced it priced its offering of $410 million of convertible subordinated notes. The convertible notes were priced at par and will have an annual interest rate of 6.5%. The convertible notes will mature on December 15, 2009. Holders will be able to convert their notes into shares of Class A common stock at a conversion price of $3.3075 per share, representing a 35% premium over the closing price of the Class A common stock on June 13, 2002. The closing of the offering is expected to occur on June 19, 2002 and is subject to customary closing conditions. The Company has also granted the underwriters an option to purchase up to an additional $40.812 million of convertible notes to cover over-allotments, if any. The Company expects to use the proceeds to repay a portion of its outstanding short-term debt under its credit facility and for general corporate purposes. JPMorgan and Salomon Smith Barney are the joint book-running managers for the offering. Agere Systems

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