SAN JOSE, Calif. & SINGAPORE--(BUSINESS WIRE)--Oct. 23, 2009--
Avago Technologies Limited (Nasdaq:AVGO), today announced that its
wholly owned subsidiaries, Avago Technologies Finance Pte. Ltd., Avago
Technologies U.S. Inc. and Avago Technologies Wireless (U.S.A.)
Manufacturing Inc. (the “Issuers”) intend to redeem all of their
remaining 10-1/8% Senior Notes due 2013 (the “Senior Notes”), and Senior
Floating Rate Notes due 2013 (the “Floating Rate Notes” and, together
with the Senior Notes, the “Notes”).
The redemption date for the Notes is expected to be December 1, 2009.
The Issuers intend to redeem the remaining $318,496,000 of the Senior
Notes at a redemption price equal to 105.063% of the principal amount
thereof, plus accrued and unpaid interest thereon up to, but not
including, the redemption date. The Issuers also intend to redeem the
remaining $45,681,000 of the Floating Rate Notes at a redemption price
equal to 100.000% of the principal amount thereof, plus accrued and
unpaid interest thereon up to, but not including, the redemption date.
The redemption is expected to be funded using a portion of the net
proceeds from the previously completed initial public offering of Avago
Technologies Limited’s ordinary shares and existing cash balances.
This press release is neither an offer to purchase nor a solicitation of
an offer to sell the Notes or any other securities, nor does it
constitute a notice of redemption of the Notes. A notice of redemption
will be sent to all registered holders of Notes by The Bank of New York,
the trustee for the Notes.
About Avago Technologies
Avago Technologies is a leading designer, developer and global supplier
of analog semiconductor devices for communications, industrial and
consumer applications.
Cautionary Note Regarding Forward-Looking
Statements
This announcement contains forward-looking statements which address our
expected future business and financial performance. These
forward-looking statements are based on current expectations, estimates,
forecasts and projections of future Company or industry performance
based on management’s judgment, beliefs, current trends and market
conditions and involve risks and uncertainties that may cause actual
results to differ materially from those contained in the forward-looking
statements. Accordingly, we caution you not to place undue reliance on
these statements. For Avago, particular uncertainties which could
adversely or positively affect future results include cyclicality in the
semiconductor industry or in our end markets; the recent financial
crisis and its impact on our business, results of operations, and
financial condition; fluctuations in interest rates; our ability to
generate cash sufficient to service our debt and to fund our research
and development, capital expenditures and other business needs; our
increased dependence on outsourced service providers for certain key
business services and their ability to execute to our requirements; our
dependence on contract manufacturing and outsourced supply chain;
quarterly and annual fluctuations in operating results; loss of our
significant customers; our ability to maintain tax concessions in
certain jurisdictions; our ability to protect our intellectual property;
our competitive performance and ability to continue achieving design
wins with our customers; any expenses associated with resolving customer
product and warranty claims; our ability to achieve the growth prospects
and synergies expected from our acquisitions; delays and challenges
associated with integrating acquired companies with our existing
businesses; our ability to improve our cost structure through our
manufacturing outsourcing program; and other events and trends on a
national, regional and global scale, including those of a political,
economic, business, competitive and regulatory nature. Our Registration
Statement on Form S-1 filed with the Securities and Exchange Commission
(the “SEC”) and our Quarterly Report on Form 10-Q filed with the SEC on
September 3, 2009 (which you may obtain for free at the SEC’s website at http://www.sec.gov)
discuss some of the important risk factors that may affect our business,
results of operations and financial condition. We undertake no intent or
obligation to publicly update or revise any of these forward looking
statements, whether as a result of new information, future events or
otherwise, except as required by law.
Source: Avago Technologies Limited
Avago Technologies
Investor Contact
Jacob Sayer, 408-435-7400
VP
Business Development and IR
investor.relations@avagotech.com