NOTE 20 - SUBSEQUENT EVENT
On January 20, 2001, the Company entered into an asset
purchase agreement to acquire substantially all of the assets of, and
assume certain liabilities of, Intersil Corporation's discrete power products
business ("DPP") for cash consideration of approximately $338.0 million.
DPP is a leading provider of silicon-based discrete power devices for
the computer, communications, industrial, automotive, and space and defense
markets.
In connection with the financing of the DPP acquisition,
on January 31, 2001, the Company finalized an offering of $350.0 million
of 101/2% senior subordinated notes. The proceeds from this offering,
excluding underwriting discounts, will be held in escrow until the final
closing of the DPP acquisition. Interest on the notes will be paid semi-annually
on February 1 and August 1 each year, beginning August 1, 2001. The Company
may redeem the notes on or after February 1, 2005. Prior to February 1,
2004, the Company may redeem up to 35% of the notes from the proceeds
of equity offerings. In the event that the acquisition is not consummated
by July 30, 2001, the Company will be required to redeem the notes plus
accrued and unpaid interest.
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