Wednesday November 18, 05:33 PM
UPDATE 1-AMD to redeem up to $1 bln of notes, shares rise
SAN FRANCISCO, Nov 18 (Reuters) - Advanced Micro Devices Inc (NYSE: AMD - news) said it will redeem up to $1 billion of convertible notes due 2012, and its shares rose 9 percent.
To finance the move, AMD plans a private offering of $500 million of senior notes due 2017, and will also use some of the $1.25 billion cash payment from Intel Corp (NASDAQ: INTC - news) related to the settlement of their legal and licensing disputes.
Although AMD's chip-design arm eked out a profit in its fiscal third quarter, the company has been steadily bleeding market share to its chief rival, Intel, whose microprocessors reside in 80 percent of the world's computers.
AMD reported in its fiscal third quarter that it has just under $3.2 billion of net debt. Its shares rose 60 cents to $7.22 on the New York Stock Exchange.
(Reporting by Ian Sherr; Editing by Steve Orlofsky) Keywords: AMD/
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