UPDATE 1-Cadence to raise $300 mln via notes issue

* Plans to repurchase portion of notes due Dec 2011, 2013

* Initial buyers to get $50 mln over-allotment option

June 9 (BestGrowthStock) – Cadence Design Systems Inc (CDNS.O: ) said
it intends to offer $300 million worth cash convertible senior
notes due 2015 and use portions of the net proceeds to repay
debt and repurchase shares.

The chip-design software maker intends to use up to $100
million of the net proceeds to repurchase a portion of its
1.375 percent convertible senior notes due December 15, 2011.

It also plans to use another $100 million of the net
proceeds to repurchase a portion of its 1.5 percent convertible
notes due December 15, 2013, and up to $40 million of the
proceeds for share repurchase.

Cadence intends to grant the initial purchasers of the
notes an option to purchase up to an additional $50 million
principal amount of notes to cover over allotments.

As of the first quarter ended April 3, the company’s
long-term liabilities included convertible notes of $441.1
million.

Shares of Cadence closed at $6.14 Tuesday on Nasdaq.

Stock Market Research

(Reporting by Jennifer Robin Raj in Bangalore; Editing by Vyas
Mohan)

UPDATE 1-Cadence to raise $300 mln via notes issue