By Staff,
Advanced Micro Devices said Wednesday that it has begun a $450 million public offering of 6 percent convertible subordinate notes, which are due in 2005 and convertible into AMD common stock. The Sunnyvale, Calif., chip maker announced its plans to make the offering last week to raise money for capital expenditures, working capital, and general corporate purposes.
After AMD (company profile) announced its offering plans, Moody's Investors Services in New York downgraded the company's debut rating, expressing some concern about the efforts to raise more money. Last month, AMD reported a $55.8 loss in the first quarter on sales of $540.9 million.
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