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Infineon buys back its bonds

Posted: 14 May 2009 ?? ?Print Version ?Bookmark and Share

Keywords:Infineon bonds? semiconductor? debt deals swap?

Infineon Technologies AG has bought back Euros 53 million worth of its bonds for Euros 40 million, a 75 percent discount, following in the footsteps of two other semiconductor groupsNXP Semiconductors BV and Freescale Semiconductors Inc.that have clinched similar debt swap deals over the past few months.

"With the buyback of the bonds, we have further reduced our debt and have been able to take advantage of the attractive market price level. The fact that the bondholders did not exploit the buyback option we offered to the full extent reflects how the capital market currently assesses the financial power of our company," said Marco Schr�ter, chief financial officer at Infineon.

Earlier this month, Infineon called on the owners of its convertible bonds and exchangeable notes to make Infineon an offer for the buyback, which was to be done on the basis of a modified Dutch auction. This auction closed Monday (May 11).

- John Walko
EE Times Europe

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