13 October 2011

TowerJazz voluntarily early redeems US convertible notes due December 2011

Specialty foundry TowerJazz (which has two fabrication plants at Tower Semiconductor Ltd in Migdal Haemek, Israel plus one at its US subsidiary Jazz Semiconductor in Newport Beach, CA) says that Jazz Technologies Inc has completed a voluntary transaction to early redeem the entire remaining $35,091,000 principal amount of its outstanding 8.00% notes originally due 31 December 2011. If not redeemed, the notes were convertible into Tower Semiconductor’s shares.

The firm financed the early redemption through available cash on hand, enabling it to save more than $600,000 of interest. Upon completion of the redemption, (i) none of the 8.00% notes due 31 December remains outstanding and (ii) neither Jazz Semiconductor nor its parent company Jazz Technologies Inc have any notes due before 2015.

Tags: TowerJazz SiGe SOI RF CMOS

Visit: www.towerjazz.com



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