stmicroelectronics

Financing cut for flash-memory venture from Intel and allies

Financing has been cut by about half for a partnership by Intel, ST Microelectronics, and Francisco Partners to launch a flash memory company called Numonyx, the companies said Wednesday. In addition, the company, called Numonyx, won't be established until early 2008, under a revised schedule.

Initially, Numonyx was to have received up to $1.55 billion in debt financing. The companies have revised financing terms so Numonyx now has a $650 million loan and $100 million revolving credit facility, Intel said in a regulatory filing with the Securities and Exchange Commission.

STMicroelectronics added in a statement that the companies … Read more