Conexant Systems prices pulbic offering of common stock

Fri. September 25, 2009; Posted: 02:40 PM

Sep 25, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- CNXTD | Quote | Chart | News | PowerRating -- Update on September 24, 2009:

Conexant Systems, Inc., a US-based developer, designer, and seller of semiconductor system solutions, has priced an underwritten public offering of 7 million shares of its common stock at a price of $2.85 per share to raise gross proceeds of $19.95 million.

Conexant has granted the underwriter a 30-day option to purchase up to an additional 1.05 million shares of its common stock to cover over-allotments, if any. The offering is expected to close on September 29, 2009.

Announcement (September 23, 2009):

Conexant is planning to issue 7 million shares of its common stock in a public offering.

Conexant will grant the underwriter a 30-day option to purchase up to 1.05 million additional shares to cover overallotments.

Oppenheimer & Co., Inc. is acting as underwriter for the offering.

Deal Value (US$ Million) 19.95
Deal Type                IPO
Sub-Category             Secondary Offering
Deal Status              Announced: 2009-09-23

Deal Participants

Target (Company) Conexant Systems, Inc.

Deal Rationale

The net proceeds of the transaction will be used for general corporate purposes including repaying, redeeming, or repurchasing existing debt, and for working capital, capital expenditures, and acquisitions.

Offer Price ($ per share) 2.85
No. Shares Issued         7000000

For full details for CNXTD click here.

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