ADVANCED MICRO <AMD> PREFERRED OFFERED
Lead underwriters <Donaldson, Lufkin
and Jenrette> and Salomon Inc <SB> said an offering of three
mln shares of Advanced Micro Devices Inc depositary convertible
exchangeable preferred shares is under way at 50 dlrs per
share.
    Underwriters have been granted an option to buy another
450,000 depositary shares to cover overallotments.
    Each depositary share bears an annual dividend of three
dlrs per share and represents 0.1 30 dlr convertible
exchangeable preferred share.
    The underwriters said the preferred shares are convertible
into common stock at 25.16 dlrs per share initially and are
exchangeable at the company's option for six pct convertible
subordinated debentures due 2012.  The preferred shares are not
redeemable before March 15, 1990 unless the market price of the
common stock equals or exceeds 150 pct of the conversion price
for specified periods.
 Reuter
