SUNNYVALE, Calif., Dec. 19 -- SanDisk Corporation (Nasdaq:SNDK) announced today that it agreed to privately place $125 million aggregate principal amount of 4.5 percent convertible subordinated notes due 2006. The notes will be unsecured obligations, convertible into SanDisk common stock at a conversion price of approximately $18.43 per share. The company has granted the initial purchasers of the notes a 30-day option to purchase an additional $25 million principal amount of the notes. The placement of the notes is expected to close on December 24, 2001.
The net proceeds of the offering will be used for general corporate purposes, including the development of new technologies and fabrication facilities, general working capital and capital expenditures. We may also use a portion of the net proceeds to fund acquisitions of products, technologies or complementary businesses. However, we currently have no commitments or agreements for any specific acquisitions.
This announcement is neither an offer to sell nor a solicitation to buy any of these securities.
The securities will not be registered under the Securities Act of 1933, as amended (the "Securities Act'), or any state securities laws, and unless so registered, may not be offered or sold except pursuant to an exemption from the registration requirements of the Securities Act and applicable state laws.
SanDisk, the world's largest supplier of flash data storage products, designs, manufactures and markets industry-standard, solid-state data, digital imaging and audio storage products using its patented, high density flash memory and controller technology. SanDisk is based in Sunnyvale, CA.