Hutchinson Technology Announces Commencement of Exchange Offer
Hutchinson Technology Incorporated (Nasdaq: HTCH) announced today that it has commenced an exchange offer, tender offers, and a rights offering relating to its 3.25% Convertible Subordinated Notes due 2026 and its 8.50% Convertible Senior Notes due 2026.
The purpose of the transactions is to improve the Company's financial flexibility by allowing the Company to retire outstanding debt at a discount to par and reduce outstanding debt that is subject to repurchase at the option of the holder.
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