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Cypress Completes Redemption of Convertible Subordinated Notes | Cypress Semiconductor

Cypress Completes Redemption of Convertible Subordinated Notes

Last Updated: February 26, 2007

Cypress Completes Redemption of Convertible Subordinated Notes

SAN JOSE, Calif., February 26, 2007 - Cypress Semiconductor Corp. (NYSE: CY) has completed the previously announced redemption of all of its outstanding 1.25 Percent Convertible Subordinated Plus Cash NotesSM, due June 15, 2008 (the "notes").

According to the terms of the indenture governing the notes, the outstanding aggregate principal amount of $599 million was redeemed for a total of approximately 33 million shares and $180 million in cash, which includes accrued interest.

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.

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

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Financial

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