RF Micro Devices Inc. (RFMD) announced that it has repurchased and retired $197 million aggregate principal amount of its convertible subordinated notes due 2010. Using cash on hand, RFMD paid the principal, or face, amount of the Notes along with accrued interest to acquire and retire the Notes prior to maturity. The aggregate principal amount of the 2010 Notes outstanding is now approximately $10.0 million, down from $230.0 million at issue.
By using cash on hand to repurchase and retire the $197 million of Notes, RFMD expects to save approximately $1.9 million in interest expense between now and when the Notes mature in July 2010.
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