SAN JOSE, Calif., Sept. 22, 2010 (GLOBE NEWSWIRE) -- Magma® Design Automation Inc. (Nasdaq:LAVA) today announced $9.97 million aggregate principal amount of its 6.0% Convertible Senior Notes due in 2014 was converted into common stock in a transaction completed Sept. 21, 2010. As a result, Magma's total outstanding convertible debt has been reduced to approximately $3.3 million, due in May 2014.
"This transaction is the latest in a series of developments that reduced Magma's outstanding convertible debt to what I consider a negligible level, down from nearly $50 million roughly 1 year ago," said Magma Chief Financial Officer Peter S. Teshima. "Our future interest obligations have been reduced notably and we believe our balance sheet has improved significantly as a result of actions taken over the last year."
About Magma Design Automation
Magma's electronic design automation (EDA) software provides the "Fastest Path to Silicon"™ and enables the world's top chip companies to create high-performance integrated circuits (ICs) for cellular telephones, electronic games, WiFi, MP3 players, digital video, networking and other electronic applications. Magma products are used in IC implementation, analog/mixed-signal design, analysis, physical verification, circuit simulation and characterization. The company maintains headquarters in San Jose, Calif., and offices throughout North America, Europe, Japan, Asia and India. Magma's stock trades on Nasdaq under the ticker symbol LAVA. Follow Magma on Twitter at www.Twitter.com/MagmaEDA and on Facebook at www.Facebook.com/Magma. Visit Magma Design Automation on the Web at www.magma-da.com.
Magma is a registered trademark and "Fastest Path to Silicon" is a trademark of Magma Design Automation Inc.