STMICROELECTRONIC UPDATES DETAILS OF NOR-FLASH LAUNCH.

Electro Manufacturing, February, 2008

STMicroelectronics (NYSE:STM) has announced that Intel, Francisco Partners and ST have agreed to extend the deadline for the closing of Numonyx, the joint flash memory venture, to March 28, 2008. The three parties continue to work to satisfy the conditions to closing for the transaction, and expect the closing to take place in Q1 2008.

ST also announced that the parties have received executed bank commitments for the financing of Numonyx, following the significant turmoil in the debt capital markets. The revised financing terms involve a senior loan of up to $650 million, and a $100 million committed revolving credit facility for Numonyx. As anticipated, at closing Francisco Partners will invest $150 million in exchange for a 6.3% shareholding. In exchange for...

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