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Maxtor Corp Files
Registration Statement

 

MILPITAS, Calif. - December 21, 1998 - Maxtor Corporation (Nasdaq: MXTR) announced the filing of a registration statement covering up to $300 million of Maxtor common stock owned by Hyundai Electronics America ("Hyundai"). These shares will be placed in a newly formed trust, which will issue hybrid securities linked to the registered shares. Investors in the hybrid securities issued by the trust will receive the registered Maxtor common stock or cash, at Hyundaiğs option, upon the maturity of the hybrid securities in three years, or earlier on certain events. The shares of common stock held in the trust will not be available for sale in the public market until the hybrid securities mature.

The issuance of these hybrid securities will not be dilutive because no new shares of Maxtor common stock will be issued in connection with the hybrid securities. The trust is unrelated to Maxtor, and Maxtor will not receive any proceeds in the offering of the hybrid securities.

The registration statement also includes up to $150 million of Maxtor common stock, including shares of Maxtor common stock owned by Hyundai and shares of Maxtor common stock to be newly issued by Maxtor. Maxtor will not receive any of the proceeds in the public offering from the sale by Hyundai of Maxtor common stock.

Maxtor can make no further comments regarding this filing.

The offering is lead-managed by Salomon Smith Barney and co-managed by Hambrecht & Quist, Lehman Brothers, Merrill Lynch & Co. and NationsBanc Montgomery Securities LLC. Copies of the prospectuses relating to the offerings, when available, may be obtained from Salomon Smith Barney Inc., 333 W. 34th Street, New York, NY 10001.

Maxtor Corporation develops, manufactures and markets hard disk drives for desktop computer systems.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission by Maxtor but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statements become effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sales of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

 

Maxtor Contact
Catherine Hartsog
303-702-4108

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