Easy come, easy go
AMD has announced it wants to pay off up to a billion dollars of its debt and you don't need to be Sherlock Holmes to work out where it has suddenly found this much ready cash.
The debt was due to be repaid by 2012, but the $1.25 billion AMD will receive from Intel in settlement of their dispute takes care of that nicely.
AMD also announced it will be paying-off an undisclosed amount high-yield debt, also due in 2012. We must assume that this amount will be greater than the $250 million left over, because AMD is also looking to take on $500 million of new debt. While it will cost the same 5.75 percent as the previous lot, it won't have to be paid back until 2017.
Investors seem quite happy with this development, with AMD's shares up eight percent at time of writing. If only we'd known yesterday...
