AMD To Raise $150-$200M In Sale/Lease Deal On Austin Site

Advanced Micro Devices plans to to sell and lease back its 58-acre campus in Austin, Texas to raise cash, a spokesman for the struggling chip company told Reuters.

The company expects to raise $150 million to $200 million on the deal, AMD  said, with a deal expected to close in the second quarter.

"There are favorable economic conditions in the part of Austin where the campus is located," Prairie told the wire service. "Contingent on finding an investor who wants to do a multiyear lease-back, it's a good opportunity for us to unlock the value of the real estate to fund operations."

AMD is up a penny at $1.89.