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EXHIBIT 99.1
RF MICRO DEVICES ANNOUNCES
$250 MILLION PRIVATE OFFERING OF
CONVERTIBLE SUBORDINATED NOTES
GREENSBORO, N.C., August 7 -- RF Micro Devices, Inc. (Nasdaq: RFMD)
announced today that it intends to offer, subject to market and other
conditions, $250 million of Convertible Subordinated Notes due 2005 (plus an
additional amount of up to $50 million at the option of the purchasers) in a
private placement. The notes will be convertible into the Company's common stock
at the option of the holder, at a price to be determined. The offering is
expected to close in August 2000.
The Company intends to use the net proceeds of the anticipated offering
for general corporate purposes, including capital expenditures and working
capital. In addition, the Company may use a portion of the net proceeds to
acquire or invest in complementary businesses, products or technologies if the
opportunity arises.
This announcement is neither an offer to sell nor a solicitation of an
offer to buy any of these securities.
The notes and the common stock issuable upon conversion of the notes
have not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities laws, and are being offered only to
qualified institutional buyers in reliance on Rule 144A under the Securities
Act. Unless so registered, the notes and common stock issued upon conversion of
the notes may not be offered or sold in the United States except pursuant to an
exemption from the registration requirements of the Securities Act and
applicable state securities laws.
RF Micro Devices, Inc., an ISO 9001-certified manufacturer, designs,
develops, manufactures and markets proprietary RFICs for wireless communications
applications such as cellular and PCS phones, cordless phones, wireless LANs,
wireless local loop handsets, industrial radios, wireless security systems and
remote meter readers. RF Micro Devices, Inc. is traded on the Nasdaq National
Market under the symbol "RFMD."
RF Micro Devices(R) and RFMD(TM) are trademarks of RF Micro Devices, Inc.
Contact:
RF Micro Devices, Inc., Greensboro
Dean Priddy, 336/664-1233
