SAN JOSE, Calif., May 8, 2012 /PRNewswire/ -- Altera Corporation (Nasdaq GS: ALTR) today announced the closing of its previously announced offering of $500 million aggregate principal amount of its 1.750% Senior Notes due 2017 (the "senior notes") under a shelf registration statement on file with the Securities and Exchange Commission. Altera used the net proceeds from the offering together with cash on hand to repay $500 million principal amount of loans outstanding under its credit agreement, dated August 31, 2007. The credit agreement has been terminated.
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In conjunction with the offering of the senior notes, Altera repositioned its investment portfolio. Altera anticipates that net other income in 2012 will be approximately $2 million compared with previous guidance for annual net other expense of $4 million.
About Altera
Altera's programmable solutions enable system and semiconductor companies to rapidly and cost-effectively innovate, differentiate and win in their markets.
ALTERA, ARRIA, CYCLONE, HARDCOPY, MAX, MEGACORE, NIOS, QUARTUS and STRATIX words and logos are trademarks of Altera Corporation and registered in the U.S. Patent and Trademark Office and in other countries. All other words and logos identified as trademarks or service marks are the property of their respective holders.
Cautionary Statement
This press release contains forward-looking statements within the meaning of the federal securities laws. These statements include, but are not limited to, anticipated net other income. Investors are cautioned that all forward-looking statements involve risks and uncertainties that could cause actual results to differ materially, including, but not limited to, current global economic conditions. Additional risks and uncertainties relating to the offering, Altera and its business can be found under the heading "Risk Factors" in Altera's Annual Report on Form 10-K for the year ended December 31, 2011, in the preliminary prospectus supplement relating to the offering and in the prospectus supplement relating to the offering to be filed with the Securities and Exchange Commission.
Altera does not undertake any obligation to publicly update any forward-looking statements to reflect events, circumstances or new information after the date of this press release, or to reflect the occurrence of unanticipated events.
CONTACT: | Altera Corporation |
101 Innovation Drive | |
San Jose, CA 95134 | |
408-544-7000 |
SOURCE Altera Corporation
