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Cypress Calls For Redemption Of 1.25% Convertible Subordinated Plus Cash(SM) Notes | Cypress Semiconductor

Cypress Calls For Redemption Of 1.25% Convertible Subordinated Plus Cash(SM) Notes

Last Updated: February 05, 2007

Cypress Calls For Redemption Of 1.25% Convertible Subordinated Plus Cash(SM) Notes

SAN JOSE, Calif. - February 5, 2007 - Cypress Semiconductor Corp. (NYSE: CY) ("Cypress") is calling today for redemption on February 26, 2007, of all of its 1.25% Convertible Subordinated Plus Cash(SM) Notes due June 15, 2008 (the "Notes"). The aggregate principal amount outstanding of the Notes is approximately $599.0 million. The CUSIP® number for the Notes is 232806 AH2.

Prior to 5:00 p.m. Eastern Time on February 23, 2007, holders may convert their Notes into (i) 55.172 shares of Cypress common stock per $1,000 principal amount of Notes plus (ii) $300 per $1,000 principal amount of Notes. Cash will be paid in lieu of fractional shares. On February 5, 2007, the last reported sale price of Cypress common stock on the New York Stock Exchange Composite Tape was $18.86 per share.

Alternatively, holders may have their Notes redeemed on February 26, 2007. Upon redemption, holders will receive a total of $1,002.43 per $1,000 principal amount of Notes (consisting of the redemption price of $1,000.00 per $1,000 principal amount of Notes, plus accrued and unpaid interest thereon from December 15, 2006 up to but not including February 26, 2007, of approximately $2.43). Any Notes not converted on or before 5:00 p.m. Eastern Time on February 23, 2007 will be automatically redeemed on February 26, 2007, and no further interest will accrue.

A Notice of Redemption is being mailed to all registered holders of the Notes. Copies of the Notice of Redemption may be obtained from U.S. Bank National Association, the Conversion Agent and Paying Agent, by calling Paula Oswald at (213) 615-6043. The address of U.S. Bank National Association is 633 West Fifth Street, 24th Floor, Los Angeles, CA 90071.

About Cypress
Cypress delivers high-performance, mixed-signal, programmable solutions that provide customers with rapid time-to-market and exceptional system value." Cypress offerings include the PSoC® Programmable System-on-Chip™, USB controllers, general-purpose programmable clocks and memories. Cypress also offers wired and wireless connectivity solutions ranging from its WirelessUSB™ radio system-on-chip, to West Bridge™ and EZ-USB® FX2LP controllers that enhance connectivity and performance in multimedia handsets. Cypress serves numerous markets including consumer, computation, data communications, automotive, industrial, and solar power. Cypress trades on the NYSE under the ticker symbol CY. Visit Cypress online at www.cypress.com.

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Cypress and the Cypress logo are registered trademarks of Cypress Semiconductor Corporation. All other trademarks are the property of their respective owners.

Type: 
Financial

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