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Cadence expecting $500M for repatriation of foreign earnings

Posted by iMark - 2006-01-02

SAN FRANCISCO — EDA market leader Cadence Design Systems Inc. was expecting an extraordinary cash dividend of about $500 million from a wholly owned Irish subsidiary in late December, according to a regulatory filing earlier this month.

According to an 8-K filed with the U,S. Securities and Exchange Commission (SEC) Dec. 21, a the payment was to be made by Castlewilder, a subsidiary of Cadence incorporated in Ireland, repatriating certain foreign earnings pursuant to the American Jobs Creation Act of 2004.

Cadence (San Jose, Calif.) expected to record a tax liability of approximately $35 million during the fourth quarter as a result of the dividend, according to the SEC filing.

Approximately $340 million of the dividend was expected to be funded from cash on hand held by various foreign subsidiaries of Cadence, the filing said, while the remaining $160 million was to be funded through a loan to Castlewilder arranged by Banc of America Securities LLC.

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