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SMALL BUSINESS
RF Micro Devices buys back $197 million in notes
AP
GREENSBORO, N.C. -Chip maker RF Micro Devices Inc. said Monday it has finished restructuring its debt, buying back $197 million in notes coming due next year. It also boosted its cash flow forecast.
The company said it used cash to repurchase the notes, leaving $10 million in notes outstanding. The company said the buyback will save it $1.9 million in interest payments that would have come up between now and the maturity date in July 2010.
RF Micro also said it expects its free cash flow to exceed its previous estimate of $130 million for its fiscal year ending in March. Free cash flow is a measure of the money a company generates after paying to maintain or expand its business.
RF Micro shares added 15 cents, or 3.5 percent, to $4.49 shortly after the market opened.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-11-16 09:36:29
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