Summary
Advanced Micro Devices, Inc. (AMD) filed an 8-K on April 23, 2007, reporting two significant events. First, the company amended its Credit Agreement dated October 24, 2006, to increase the basket available for restricted payments from $100 million to $250 million. This provides AMD with greater financial flexibility for certain corporate actions. Second, AMD announced its intention to commence a private placement of approximately $1.8 billion in convertible senior notes. These notes are intended to be offered to qualified institutional buyers under Rule 144A. The filing also includes unaudited pro forma combined financial statements for the year ended December 31, 2006, related to the acquisition of ATI Technologies Inc., which supersede previously filed pro forma information and are included to meet technical SEC requirements for the private placement.
Key Highlights
- 1AMD amended its Credit Agreement to increase the restricted payments basket to $250 million, enhancing financial flexibility.
- 2The company plans to issue approximately $1.8 billion in convertible senior notes via a private placement.
- 3The convertible notes will be offered to qualified institutional buyers under Rule 144A.
- 4Unaudited pro forma combined financial statements related to the ATI acquisition for FY2006 are being filed.
- 5These ATI pro formas supersede prior filings and are included for regulatory compliance related to the note issuance.
- 6The 8-K reports events occurring on April 22, 2007, and was filed on April 23, 2007.