- Associated Press - Wednesday, August 18, 2010

MILPITAS, CALIF. (AP) - Flash memory manufacturer SanDisk Corp. said Wednesday that it plans to offer up to $1.15 billion in convertible senior notes so it can buy back other convertible notes issued in 2006.

The company plans to use the proceeds from the offering to repurchase of a portion of its outstanding $1.15 billion in convertible notes that mature in May 2013, which bear a 1 percent annual interest rate.

It also said it may use the funds in hedging transactions that could reduce the impact of more shares being issued to holders of notes who choose to convert them into common stock.

The company plans to make a presentation on its offering Thursday morning at 11 a.m. EDT.

SanDisk shares were down 96 cents, or 2.1 percent, at $43.90 in after-hours trading, after closing up $1.29, or 3 percent, at $44.86 in the regular session Wednesday.


Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide