Chip-design software maker Mentor Graphics Corp rejected activist investor Carl Icahn's offer of a $220 million loan and said it plans to go ahead with a convertible debt offering. The company plans to offer $253 million in convertible notes due 2031 and would use a part of the proceeds to repurchase 1.7 million shares and pay down debt. On Tuesday, Icahn said his company would be willing to lend Mentor the $220 million on a senior unsecured basis, at a rate of 6.25 percent for a period of two and a half years. [ID:nL3E7ET36B]
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