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STMicroelectronics Announces Redemption of all Outstanding Liquid Yield Option™ Notes ("LYONs") | | |
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Geneva, October 11, 2004 - STMicroelectronics (NYSE: STM) announced that the Company will redeem all of its remaining outstanding Liquid Yield Option™ Notes ("LYONs") on November 12, 2004 at a redemption price equal to $888.96 per $1,000 principal amount. The redemption price is comprised of $784.84 principal amount at issuance plus the accrued original issue discount calculated through the date of the redemption of $ 104.12. The residual nominal amount of the currently outstanding LYONs is $8,103,000 or 0.9% of the initial total amount of LYONs issued. Unless the Company defaults on payment of the redemption price, the original issue discount on the remaining outstanding LYONs, if any, will cease to accrue on and after November 12, 2004, the redemption date. The LYONs may continue to be converted at any time before the close of business on November 12, 2004. Today's applicable conversion rate is 26.292 ST common shares per $1,000 principal amount. Based on the amount outstanding, if all the remaining holders of the LYONs choose to convert their LYONs into common shares before November 12, 2004, 213,044 ST common shares would be issued. A notice of redemption is being mailed to all registered holders of the LYONs. To redeem the LYONs, or receive further information concerning this redemption, please contact: Trustee, New York Registrar, New York Paying and Conversion Agent: The Bank of New York 101 Barclay Street Floor 21 West New York, New York 10286 Paris Paying and Conversion Agent: BNP Paribas Securities Services c/o GIS Emetteur Les Collines de l'Arche Paris La Defense Cedex 09 France 75450 Dutch Registrar: Netherlands Management Company B.V. Locatellikade 1 Parnassustoren 1076 AZ Amsterdam, The Netherlands About STMicroelectronics STMicroelectronics is a global leader in developing and delivering semiconductor solutions across the spectrum of microelectronics applications. An unrivalled combination of silicon and system expertise, manufacturing strength, Intellectual Property (IP) portfolio and strategic partners positions the Company at the forefront of System-on-Chip (SoC) technology and its products play a key role in enabling today's convergence markets. The Company's shares are traded on the New York Stock Exchange, on Euronext Paris and on the Milan Stock Exchange. In 2003, the Company's net revenues were $7.24 billion and net earnings were $253 million. Further information on ST can be found at www.st.com |
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