Skyworks Retires $45 Million in Long-Term Debt
Transaction accretive to earnings
Woburn, MA -- Skyworks Solutions, Inc. today announced that it has successfully retired its $45 million, 15 percent notes. Skyworks had publicly announced its intention to call this debt when it reported its second fiscal quarter earnings on April 28, 2004, and was subsequently notified that the noteholder had exercised its conversion option.
"Through this accretive transaction, we are extremely pleased to be able to further enhance Skyworks' financial position, eliminating $45 million of long-term debt without diminishing our cash balance," said Allan M. Kline, Skyworks' vice president and chief financial officer. "Furthermore, this transaction will reduce our quarterly interest expense by $1.8 million and add $0.01 to EPS going forward."
Source: Skyworks Solutions