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Advanced Micro Devices Inc, Sunnyvale raised $400m before expenses with a sale of senior secured notes due 2003. The chipmaker intends to use some $150m of the net proceeds to repay the company’s existing four-year term bank loan. The senior secured notes and the debt under the new credit agreement will be secured by substantially all of the company’s land, buildings, plant and equipment at its Fab 25 in Austin, Texas. Donaldson, Lufkin & Jenrette Securities Corp and BA Securities Inc are underwriters.

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