Symantec Announces Redemption of 3% Convertible Subordinated Notes
CUPERTINO, Calif. – Sept. 7, 2004 -
Symantec Corp. (Nasdaq: SYMC), the global leader in information security, today announced that it had sent notice to registered holders of its 3% Convertible Subordinated Notes due 2006 that it is calling for redemption of all outstanding notes on Nov. 5, 2004. The notes were originally issued on Oct. 24, 2001 in the aggregate principal amount of $600 million.
Holders may convert the notes into shares of Symantec common stock, at any time until 5 p.m. EDT on Nov. 4, 2004 (the day prior to the redemption date), at a price of $17.07 per share (58.58 shares per $1,000 principal amount of the notes), in lieu of accepting redemption. Upon redemption, Symantec will pay holders of the notes that have not been converted into common stock an amount of cash equal to $1,007.50, plus accrued and unpaid interest, per $1,000 principal amount of notes.
Payment of the redemption price will be made by U.S. Bank National Association, as trustee, upon presentation and surrender of the notes on or after the redemption date by hand or by mail at the address for the paying agent set forth in the redemption notice. Because Symantec will not know how many of the notes are being converted into shares of Symantec common stock until just before the redemption, it is not possible to estimate the aggregate amount of cash Symantec will pay in connection with the redemption of the notes.
Symantec is the world leader in providing solutions to help individuals and enterprises assure the security, availability, and integrity of their information. Headquartered in Cupertino, Calif., Symantec has operations in more than 40 countries. More information is available at www.symantec.com.
NOTE TO EDITORS:
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