 |
||
 New Account
Sign In
|
Lattice Semiconductor Calls for Redemption of 4�% Convertible Subordinated NotesHILLSBORO, Ore. - June 20, 2003 - - Lattice Semiconductor Corporation (NASDAQ: LSCC) is calling today for redemption on July 21, 2003, of all of its 4�% Convertible Subordinated Notes due 2006 (the "Notes"). The aggregate principal amount outstanding of the Notes is approximately $172.3 million. The CUSIP numbers for the Notes are 518415 AC8 and 518415 AA2. Prior to 5:00 p.m., Eastern Time, on July 18, 2003, holders may convert their Notes into shares of Lattice common stock at a price of $20.72 per share, or approximately 48.263 shares of Lattice common stock per $1,000 principal amount of Notes. Cash will be paid in lieu of fractional shares. On June 19, 2003, the last reported sale price of Lattice common stock on the Nasdaq National Market was $8.20 per share. Alternatively, holders may have their Notes redeemed on July 21, 2003. Upon redemption, holders will receive a total of $1037.66 per $1,000 principal amount of Notes (consisting of the redemption price of $1,027.10 per $1,000 principal amount of Notes, plus accrued and unpaid interest thereon from May 1, 2003 up to but not including July 21, 2003, of approximately $10.56). Any Notes not converted on or before 5:00 p.m., Eastern Time, on July 18, 2003, will be automatically redeemed on July 21, 2003, and no further interest will accrue. A Notice of Redemption is being mailed to all registered holders of the Notes. Copies of the Notice of Redemption may be obtained from U.S. Bank National Association, the Conversion Agent and Paying Agent, by calling Paula Oswald at (213) 533-8418. The address of U.S. Bank National Association is 550 S. Hope Street, Suite 500, Los Angeles, CA 90071. If $172.3 million of the aggregate principal amount of the Notes is redeemed on July 21, 2003, Lattice expects to recognize in its September 30, 2003 quarterly Statement of Operations an accounting charge of approximately $5.7 million representing the 2.71% redemption premium plus unamortized debt issuance costs, and to make a cash payment of approximately $177 million to holders of the Notes on the date of redemption. After the redemption date of July 21, 2003, future semi-annual interest payments related to the Notes through November 2006 totaling approximately $27 million will not be made. The foregoing paragraphs contain forward-looking statements within the meaning of the Federal Securities laws including statements about future quarterly financial results. Investors are cautioned that actual events and results could differ materially from these statements as a result of a number of factors, including overall semiconductor market conditions, potential impact on demand and customers from the SARS outbreak, market acceptance and demand for our new products, risks related to our recent acquisitions and their integration with Lattice, our dependencies on our silicon wafer suppliers, the impact of competitive products and pricing, technological and product development risks. About Lattice Semiconductor Corporation Lattice products are sold worldwide through an extensive network of independent sales representatives and distributors, primarily to OEM customers in the communication, computing, industrial and military end markets. Company headquarters are located at 5555 N.E. Moore Court, Hillsboro, Oregon 97124 USA. For more information access our web site at http://www.latticesemi.com. # # #
Lattice Semiconductor Corporation, L (& design), Lattice (& design), in-system programmable, ISP and specific product designations are either registered trademarks or trademarks of Lattice Semiconductor Corporation or its subsidiaries in the United States and/or other countries. GENERAL NOTICE: Other product names used in this publication are for identification purposes only and may be trademarks of their respective holders. For more information contact: Roddy Sloss |