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Exhibit 99.1
For Release: September 26, 2000
9:25 a.m. EDT
ANALOG DEVICES PRICES $1 BILLION
CONVERTIBLE NOTE OFFERING
NORWOOD, MA -- Analog Devices, Inc. (NYSE: ADI) today announced that the Company
has offered and priced a new issue of $1 billion of Convertible Subordinated
Notes due 2005 (the "Notes"). The Notes will have an annual interest rate of
4.75% and will be convertible into common stock at $129.78 per share. The
Company may also issue up to an additional $200 million of Notes pursuant to an
option granted to the initial purchaser of the Notes.
The Company intends to use the net proceeds of the offering for acquisitions of
complementary businesses, products or technologies and for capital expenditures
and working capital. The Company is currently engaged in acquisition discussions
with several companies, which, if acquired by the company, could require the use
of a substantial portion or all of the net proceeds. However, currently there
are no agreements in effect regarding any such acquisitions, and no assurance
can be given that any such acquisitions will be made. Pending such uses, the net
proceeds of the offering will be invested in investment grade, interest-bearing
instruments.
The Notes have not been registered under the Securities Act of 1933, as amended,
and may not be offered or sold in the United States, except pursuant to an
applicable exemption from the Securities Act registration requirements.
This press release shall not constitute an offer to sell or the solicitation of
an offer to buy the Notes. This press release is being issued pursuant to and in
accordance with Rule 135c under the Securities Act.
To receive a copy of this release, or any recent financial release issued by
Analog Devices, visit the Company's web site at www.analog.com. Click on
"Investor Relations" and then on "Financial Releases."
-end-
CONTACT: James O. Fishbeck, Director of Corporate Communications at Analog
Devices, 781-461-3282, or [email protected]
