This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Hutchinson Technology Announces Results Of Tender/Exchange Offer

HUTCHINSON, Minn., Feb. 9, 2011 (GLOBE NEWSWIRE) -- Hutchinson Technology Incorporated (Nasdaq:HTCH) today announced the final results of its previously announced offer to exchange for new securities or purchase for cash, at the election of each holder and subject to certain limitations, up to $75,294,000 of its 3.25% Convertible Subordinated Notes due 2026 (the "Old Notes"). The tender/exchange offer for the Old Notes expired at 5:00 p.m., New York City time, on February 8, 2011.

The company has been advised by Global Bondholder Services Corporation, the exchange and information agent for the tender/exchange offer, that, as of the expiration of the offer, $187,284,000 aggregate principal amount of Old Notes had been tendered for purchase or exchange, representing approximately 95 percent of the principal amount of the outstanding Old Notes. The consideration for the tender/exchange offer will be delivered promptly by the exchange and information agent.

In accordance with the terms of the tender/exchange offer, the company will make cash payments of $30,000,000 for the purchase of $35,294,000 aggregate principal amount of the Old Notes. Because the cash required to purchase the Old Notes tendered for cash exceeded the applicable limit, the amount of Old Notes accepted for purchase in the tender will be prorated.

In further accordance with the terms of the tender/exchange offer, the company will issue $40,000,000 aggregate principal amount of a new series of 8.50% Convertible Senior Notes due 2026 (the "New Notes") in exchange for $40,000,000 aggregate principal amount of the Old Notes. Because the aggregate principal amount of the Old Notes tendered for exchange, including any Old Notes tendered for cash but not accepted for purchase for cash, exceeded the applicable limit, the Old Notes accepted for purchase in the exchange offer will be prorated.

A total of $122,206,000 principal amount of Old Notes will remain outstanding after completion of the tender/exchange offer.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,672.60 -141.38 -0.79%
S&P 500 2,051.82 -11.33 -0.55%
NASDAQ 4,757.8790 +7.4820 0.16%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs