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International Rectifier Announces Public Offering of 9.25M Shares

10 March 2000

International Rectifier Corp. Announces Public Offering of 9.25 Million Shares of Common Stock

    EL SEGUNDO, Calif.--March 10, 2000--International Rectifier Corp. today announced that the company has priced a public offering of 9,250,000 shares of common stock.
    The shares were priced after the close of market on March 9, 2000, and are being offered at $43 per share. Of those shares, 8,850,000 are being offered by the company, and 400,000 are being offered by a selling shareholder.
    The company has additionally granted the underwriters an option to purchase 1,387,500 additional shares to cover over-allotments, if any. This offering is an increase of 1,250,000 shares, excluding additional over-allotment shares, over the number of shares previously announced for this offering.
    Salomon Smith Barney Inc. is acting as the book-running lead manager for the offering, and J.P. Morgan & Co. is the joint lead manager. The co-managing underwriters of the offering are Banc of America Securities LLC and Gruntal & Co. LLC.
    International Rectifier is a leading designer, manufacturer and marketer of power semiconductors and the leading worldwide supplier of a type of power semiconductor called a MOSFET, a metal oxide semiconductor field effect transistor.
    The company's products are broadly divided among three product lines: Power Integrated Circuits and Advanced Circuit Devices, Power Systems and Power Components. The technology advancements of the company's products increase system efficiency, allow more compact end-products, improve features and functionality, and extend battery life. The company's products are used in a diverse range of end-markets, including communications, consumer electronics, information technology, automotive, industrial and government/space.

    This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. A prospectus relating to the offering may be obtained from Salomon Smith Barney Inc., Brooklyn Army Terminal, 140 58th St., 8th Floor, Brooklyn, N.Y. 11220, 718/765-6732.