CAMARILLO, Calif., Aug. 11, 2010 (GLOBE NEWSWIRE) -- Power-One, Inc. (Nasdaq:PWER), a leading provider of renewable energy and energy-efficient power conversion and power management solutions, today announced that 100% of the registered holders of its 8% Senior Secured Convertible Notes due 2013 (the "Notes") elected to exercise their right to convert the principal amount of the outstanding Notes into Power-One, Inc. common stock. The Notes were originally issued on June 17, 2008 in the aggregate principal amount of $80 million. As a result of repurchases of a portion of the Notes by Power-One, the principal amount of the outstanding Notes was approximately $34.25 million.
Consistent with the terms of the Notes, Power-One issued common stock at a conversion rate of 500 shares of common stock for each $1,000 principal amount of Notes converted. The conversion rate was equivalent to a price of $2.00 per share. In aggregate, Power-One issued 17,125,000 shares of common stock from the period of July 6, 2010 through August 10, 2010. As of today, Power-One has approximately 106 million common shares outstanding.
About Power-One
Power-One designs and manufactures energy-efficient power conversion and power management solutions, including inverters for alternative/renewable energy (solar and wind) and products for routers, data storage and servers, wireless communications, optical networking, semiconductor test equipment, industrial markets and custom applications. Power-One, with headquarters in Camarillo, California, has global sales offices, manufacturing, and R&D operations in Asia, Europe, and the Americas. Power-One is a public company listed on NASDAQ under the ticker symbol PWER. For more information about the Company, please visit www.Power-One.com.
The Power-One, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7338