An announcement by AMD (NASDAQ: AMD) has revealed  that the company intends to do a Follow-On Public Offering with shares worth  $600 Million as well as issue convertible senior notes worth $450 Million and  maturing in 2026. According to the company the net proceeds of $1,020 Million  will be used to pay off debt including but not limited to repaying its  borrowings and repurchasing outstanding senior notes (the newly issued notes  will be referred to as the “new notes”). It goes without saying that this is a  very interesting move by AMD and will undoubtedly affect both the company as  well as its shareholders.