Magma Design To Exchange $26.7M In Notes

SAN JOSE, Calif. (AP) — Magma Design Automation Inc., which makes software for chip designers, said Tuesday it expects to exchange about $26.7 million in notes.

The company had offered to exchange up to $49.9 million in 6 percent convertible senior notes due 2014 for the equivalent amount of its currently outstanding 2 percent convertible senior notes due 2010.

The exchange consideration of $1,000 principal amount of exchange notes per $1,000 principal amount of Existing Notes validly tendered and not withdrawn in the offer.

Its shares rose 7 cents, or 4.9 percent, to $1.51 during afternoon trading. The stock has traded between 68 cents and $4.94 over the past year.