Summary
Advanced Micro Devices, Inc. (AMD) disclosed in an 8-K filing dated November 11, 2019, that it has completed a significant exchange of its 2.125% Convertible Senior Notes due 2026. The company issued approximately 24.97 million shares of common stock and made a cash payment of roughly $21.07 million in exchange for nearly $200 million in principal amount of these convertible notes. This transaction was conducted under an exemption from registration, as it involved an exchange with existing noteholders without commissions paid.
Key Highlights
- 1AMD exchanged approximately $200 million in principal of its 2.125% Convertible Senior Notes due 2026.
- 2In exchange for the notes, AMD issued approximately 24.97 million shares of its common stock.
- 3A cash payment of approximately $21.07 million was also made to noteholders.
- 4The issuance of shares was made in reliance on the exemption under Section 3(a)(9) of the Securities Act of 1933.
- 5This means the exchange was with existing noteholders and no commissions were paid.
- 6The newly issued shares will be included in the Company's weighted average basic share count for earnings per share (EPS) calculations going forward.