News & Events
Intersil Prices $61.6 Million Tender Offer to Eliminate Long-term Debt
IRVINE, Calif., — Feb. 27, 2001 — Intersil Corporation, a leading provider of silicon technology for wireless access and communications analog markets, announced today that it has priced its previously announced tender offer for any and all of its outstanding $61.6 million 13.25% Senior Subordinated Notes Due 2009 (the "Notes") and related consent solicitation.
IRVINE, Calif., Feb. 27, 2001 Intersil Corporation, a leading provider of silicon technology for wireless access and communications analog markets, announced today that it has priced its previously announced tender offer for any and all of its outstanding $61.6 million 13.25% Senior Subordinated Notes Due 2009 (the "Notes") and related consent solicitation.
Based on information provided by the United States Trust Company of New York, the depositary for the offer, all of the outstanding Notes have been tendered and consents for all of the Notes have been delivered. The total consideration to be paid per $1,000 principal amount of Notes validly tendered on or before February 9, 2001, the expiration date of the consent solicitation, will be $1,284.95, plus accrued and unpaid interest to but not including the payment date, which includes a consent payment of $30 per $1,000 principal amount of Notes. The tender offer consideration to be paid per $1,000 principal amount of Notes validly tendered after February 9, 2001 will be $1,254.95. The total consideration was determined using a yield based upon a fixed spread of 100 basis points over the yield to maturity on the 6% U.S. Treasury Note due August 15, 2004 based on the bid side price for that security as of 2:00 p.m. (New York City time) on February 23, 2001.
The tender offer will expire on February 27, 2001 at 5:00 p.m. (New York City time). Subject to the satisfaction or waiver of the conditions set forth in the Offer to Purchase and Consent Solicitation Statement dated January 29, 2001 of the Company (the "Offer to Purchase and Consent Solicitation Statement"), the Company expects to make payment for tendered Notes and consents on March 1, 2001.
The consent solicitation expired on February 9, 2001 at 5:00 p.m. (New York City time). The solicitation of consents related to certain proposed amendments to the indenture under which the Notes were issued. The proposed amendments are described in the Offer to Purchase and Consent Solicitation Statement. Having received the requisite percentage of consents for the amendment, the Company will enter into a supplemental indenture containing the amendments, but that supplemental indenture will not become effective until tendered Notes are accepted for purchase and payment.
Any questions regarding the tender offer and the consent solicitation may be directed to Lehman Brothers Inc., the Dealer-Manager, at (212) 528-7581 (collect) or 800-438-3242 (toll free).
About Intersil
Irvine, California-based Intersil is a leading supplier of semiconductors, reference designs, and software for wireless access and communications analog markets. Intersil applies analog, mixed-signal, and radio frequency expertise to the development of products tailored for high-growth communications markets. For more information about Intersil, visit the companys Internet homepage at www.intersil.com.
This announcement is not an offer to purchase, a solicitation of an offer to purchase or a solicitation of consents with respect to the Notes. The tender offer and consent solicitation is being made solely by the Offer to Purchase and Consent Solicitation Statement.
