Conexant In Refinancing Plan

Newport Beach-based semiconductor maker Conexant Systems reported this morning that it is in a "comprehensive" refinancing plan, which it says will improve its balance sheet and address liquidity needs. The firm said the effort includes $175M in new, 11.25 percent senior secured notes due in 2015, and a new offering of 14 million shares of its common stock. The proceeds will go to retire its convertible debt. The firm said it has also sold 25 acres of property adjacent to its Newport Beach headquarters for $26.1M.