Adaptec 2001 Annual Report Download - page 50
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50
materially impacted our foreign exchange income because our foreign currency net asset
position was immaterial.
Debt
We issued $275,000,000 of convertible subordinated notes in August 2001. Because we pay
fixed interest coupons on our notes, market interest rate fluctuations do not impact our debt
interest payments. However, the fair value of our convertible subordinated notes will fluctuate
as a result of changes in the price of our common stock, changes in market interest rates and
changes in our credit worthiness. The fair value of the convertible subordinated notes at
December 31, 2001 was not readily determinable as there was no established public trading
market for the notes. Some of the convertible subordinated notes have been traded on the
Portal Market or under Rule 144 of the Securities Act of 1933. The exchange prices from these
trades are not always available to us and may not be reliable. Trades under the Portal Market
do not reflect all trades of the securities, the figures recorded are not independently verified
and the information only reflects the trades of pre-qualified Portal dealers.