Rambus Inc. (NASDAQ: RMBS), the innovative technology solutions company that brings invention to market, today announced that its recent Convertible Bond, due 2018, generated a healthy demand from investors and was oversubscribed. The demand allowed Rambus to improve the financial terms as well as upsize the offering from the original $100 million to $120 million. In addition, the initial purchasers exercised their over-allotment option and as a part of this offering, Rambus has raised $138 million. The offering closed on August 16, 2013.
“We are extremely pleased with the results of this convertible bond pricing. We believe these results are indicative of the confidence the market and our investors have in our solutions and our future,” said Dr. Ron Black, president and chief executive officer at Rambus. “These results provide us with better terms than we originally expected, resulting in an offering that is oversubscribed by a factor of five.”
As described in the offer dated August 12, 2013, Rambus intends to use the net proceeds of the offering for working capital and other general corporate purposes, which may include financing potential acquisitions, strategic transactions, and repayment of indebtedness, including Rambus’ 5% convertible senior notes due 2014.
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About Rambus Inc.
Rambus is the innovative technology solutions company that brings invention to market. Unleashing the intellectual power of our world-class engineers and scientists in a collaborative and synergistic way, Rambus invents, licenses and develops solutions that challenge and enable our customers to create the future. While best known for creating unsurpassed semiconductor memory architectures, Rambus is also developing world-changing products and services in security, advanced LED lighting and displays, and immersive mobile media. For additional details, visit: