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PMC® (Nasdaq: PMCS), the semiconductor innovator transforming networks that connect, move, and store big data, announced today that the Company will exercise its right under the corresponding indenture (the “indenture”) to redeem all of the Company’s 2.25% senior convertible notes due 2025 (the “notes”). The redemption will take place on October 20, 2012, at one hundred per cent (100%) of the outstanding principal amount of the notes plus accrued and unpaid interest. As a result of the call for redemption, the notes may also be surrendered by the Company’s holders for conversion through October 18, 2012, as provided for in the indenture.
Independent of such redemption and related conversion right, holders of the notes have the right at their option to require PMC to purchase their notes on October 15, 2012. This can be done at a purchase price payable in cash equal to one hundred percent (100%) of the principal amount of the notes plus accrued and unpaid interest.