Chips

Investors stump up to help pay AMD's debts

Billion dollar bail-out

By Nick Farrell

Wed Aug 15 2007, 13:53

CASH-STRAPPED AMD said that it has received $1.48 billion from its $1.5 billion offering of convertible senior notes.

Investors are supposed to collect an interest rate of 5.75 per cent, due in 2012.

The company will use the money to repay the cash it borrowed from Morgan Stanley Senior Funding. The Morgan Stanley loan was taken out in October 2006 when it became clear that AMD was running out of cash due to its price war with Intel.

The announcement is here. µ

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Investors stump up to help pay AMD's debts

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