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Xilinx to Repurchase Up to $1.5B in Stock

it well sell $900 million in notes.

Xilinx (XLNX) - Get Xilinx, Inc. (XLNX) Report plans to offer $900 million of convertible junior subordinated debentures to mostly fund a buyback of up to $1.5 billion of its shares.

Xilinx intends to use the remainder of the net proceeds for general corporate purposes. If the initial purchaser exercises its overallotment option, Xilinx may use a portion of the net proceeds from the sale of additional debentures to repurchase additional shares of its common stock.

The new buyback amount is in addition to the approximately $175 million remaining from its previous share repurchase program.

Xilinx also boosted its quarterly dividend to 12 cents to 9 cents.

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Shares of Xilinx were up 1.4% in after-hours trading to $26.72.