What is your source of the following:
Notes payable to INTC, STM, FP: 144.4MM, 155.6MM, 20MM =320MM
Check INTC and STM filings with the SEC. Also, as someone correctly pointed out that FP's debt is senior to all of INTC's and STM's contributions to this venture.
"In addition, Francisco Partners has a preferential payout right of 1.85x on its cash investment that is senior to the investments of Intel and STMicroelectronics in the event of an initial public offering, change in control, bankruptcy or liquidation of Numonyx."
In exchange for its contribution of its flash memory business, ST will receive 48.6 percent of Numonyx's shares and $364 million through a combination of cash in the range from low double digits to $130 million and long-term subordinated interest-bearing notes.
Message 24453848
Based on that, loan to STM is at minimum $234M, but could be as high as $354M. That is far higher than $144M you have in your post.
This is all old information and now irrelevant. As far as I can tell, neither INTC nor STM received any cash on completion of this deal. |
