AMD closes $1.5 billion offering

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AMD closes $1.5 billion offering

AMD has received $1.48 billion from a $1.5 billion offering of convertible senior notes, the company said today. The notes carry a interest rate of 5.75% and are due in 2012.

The net proceeds include deductions for discounts, commissions and estimated offering expenses in the amount of approximately $20 million. The company said that it will use the money, together with available cash, to repay in full the outstanding balance of the term loan AMD entered into with Morgan Stanley Senior Funding in October 2006.