Altera Corporation Prices $500 Million Senior Notes Offering

SAN JOSE, Calif., May 1, 2012 /PRNewswire/ -- Altera Corporation (Nasdaq GS: ALTR) today announced the pricing of $500 million aggregate principal amount of its 1.750% Senior Notes due 2017 (the "senior notes") under a shelf registration statement on file with the Securities and Exchange Commission. The offering is expected to close on May 8, 2012, subject to the satisfaction of customary closing conditions.

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The senior notes will mature on May 15, 2017 and bear interest at an annual rate of 1.750%.

Standard & Poor's has assigned an "A-" corporate credit rating to Altera and the proposed offering of senior notes with a stable outlook. Moody's Investors Service has assigned an "A2" rating to Altera and the proposed offering of senior notes with a stable outlook.

Altera intends to use the net proceeds from this offering together with cash on hand to repay $500.0 million principal amount of loans outstanding under its Credit Agreement, dated August 31, 2007, and to terminate that agreement.

J.P. Morgan Securities L.L.C., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. LLC are acting as joint book-running managers.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the senior notes nor shall there be any sale of the senior notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

The offering of senior notes is being made only by means of a prospectus supplement and an effective registration statement (including a prospectus) filed with the Securities and Exchange Commission. Copies of the prospectus supplement and accompanying prospectus may be obtained from Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, telephone: [phone], or email: [e-mail]:  J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York, 10179, Attention: High Grade Syndicate Desk, 3rd Floor, telephone collect at 1-212-834-4533; Merrill Lynch, Pierce, Fenner & Smith Incorporated, Prospectus Department, 4 World Financial Center, 250 Vesey Street, 7th Fl., New York, NY 10080, telephone: [phone], or email: [e-mail].

Cautionary Statement

This press release contains forward-looking statements within the meaning of the federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially, including, but not limited to, the satisfaction of customary closing conditions and whether or not Altera will consummate the offering, prevailing market conditions, and the anticipated use of the proceeds of the offering which could change as a result of market conditions or for other reasons, and corporate considerations and the impact of general economic, industry or political conditions in the United States or internationally. Additional risks and uncertainties relating to the offering, Altera and its business can be found under the heading "Risk Factors" in Altera's Annual Report on Form 10-K for the year ended December 31, 2011, in the preliminary prospectus supplement relating to the offering and in the prospectus supplement relating to the offering to be filed with the Securities and Exchange Commission.

Altera does not undertake any obligation to publicly update any forward-looking statements to reflect events, circumstances or new information after the date of this press release, or to reflect the occurrence of unanticipated events.

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