2/28/2002 - Adaptec, Inc. (NASDAQ: ADPT) today announced the pricing of a private offering of $225 million of its 3% convertible subordinated notes due March 5, 2007. The offering is expected to close on March 5, 2002. The company has also granted the initial purchasers a 30-day option to purchase an additional $25 million of the notes. The company intends to use the net proceeds of the offering for general corporate purposes, including working capital, investments in the company's infrastructure and potential acquisitions, and it may also, from time to time, use a portion of the proceeds for the repurchase of its outstanding 4¾% Convertible Subordinated Notes due 2004.
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