Novellus Systems Announces Sale To Sell 30-Year Conv Debs
SAN JOSE, Calif., July 19 /PRNewswire/ --
Novellus Systems, Inc. (Nasdaq: NVLS), the productivity and innovation leader
in thin film deposition and surface preparation technology for the global
semiconductor industry, today announced that it has agreed to the sale of
30-year, zero-coupon convertible debentures. The debentures were priced with
a zero coupon and zero yield to maturity and a conversion premium of 52 to
55 percent based on the closing price of the company's common stock on
July 19, 2001. The company anticipates gross proceeds of the offering of
$800 million before any exercise of an $80 million over-allotment option. The
company stated that it intends to use the net proceeds of the offering for
general corporate purposes, including working capital.
Each debenture will be issued at a price of $1,000. The debentures will
be convertible at the option of the debenture holder into shares of Novellus
common stock at a fixed ratio per debenture of approximately 13.
This announcement is neither an offer to sell nor a solicitation of an
offer to buy any of these securities. The securities to be offered will not
be registered under the Securities Act of 1933, as amended, or applicable
state securities laws, and are only being offered to qualified institutional
buyers in reliance on Rule 144A under the Securities Act. Unless so
registered, the notes and any common stock issued upon conversion of the notes
may not be offered or sold in the United States except pursuant to an
exemption from the registration requirements of the Securities Act and
applicable state securities laws.
About Novellus Systems:
Novellus Systems Inc., an S&P 500 company, manufactures, markets and
services advanced deposition and surface preparation equipment for today's
advanced integrated circuits. The company's products are designed for
high-volume production of advanced, leading-edge semiconductor devices at the
lowest possible cost. Headquartered in San Jose, Calif., with subsidiaries
throughout the U.S. as well as the United Kingdom, France, Germany, The
Netherlands, Spain, Ireland, Israel, Italy, China, Japan, Korea, Singapore and
Taiwan, Novellus is a publicly traded company on the Nasdaq stock exchange
and a component of the Nasdaq-100 Index(R). Additional information about the
company is available on Novellus' home page at www.novellus.com. |
