08.227.2005 - Maxtor Corporation Announces Repurchase of 6.80% Convertible Senior Notes Due 2010

MILPITAS, CA, August. 15, 2005 — Maxtor Corporation (NYSE: MXO) announced today that it repurchased an aggregate principal amount of approximately $94.3 million of its existing 6.80% Convertible Senior Notes due 2010 for an aggregate price of approximately $95.8 million (including accrued interest) in privately negotiated transactions. The Company financed its repurchase of 6.80% Convertible Senior Notes due 2010 with a portion of the proceeds from the sale of $300 million aggregate principal amount of 2.375% Convertible Senior Notes due 2012 pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended, which closed today. The Company intends to repurchase from time to time an aggregate principal amount of up to an additional approximately $55.7 million of its 6.80% Convertible Senior Notes due 2010 in privately negotiated transactions. The timing and amount of future repurchases, if any, of 6.80% Convertible Senior Notes due 2010 will depend on business and market conditions. - View Press Release - Visit Maxtor Corporation