SOURCE: Cray Inc.

Cray Inc.

October 26, 2009 07:30 ET

Cray to Redeem Remaining $164,000 in Convertible Notes

SEATTLE, WA--(Marketwire - October 26, 2009) - Global supercomputer leader Cray Inc. (NASDAQ: CRAY) today announced that it has given notice of redemption to the holders of the 3.0 percent convertible senior subordinated notes due 2024. The redemption date of the notes has been set for Dec. 1, 2009. The redemption price is 100 percent of the outstanding principal amount of notes plus accrued and unpaid interest to, but not including, the redemption date.

The company issued $80 million principal amount of the notes in December 2004. Notes in the aggregate principal amount of $164,000 remain outstanding.

The noteholders may elect to receive cash in the redemption or convert the notes, on or before Nov. 27, 2009, into shares of the company's common stock.

A notice of redemption has been sent to all currently-registered noteholders by the trustee, The Bank of New York Mellon Trust Company, N.A., on behalf of the company. Copies of the notice of redemption and additional information relating to procedure for redemption may be obtained from The Bank of New York Mellon Trust Company, N.A., by calling 1-800-483-5473.

About Cray Inc.

As a global leader in supercomputing, Cray provides highly advanced supercomputers and world-class services and support to government, industry and academia. Cray technology enables scientists and engineers to achieve remarkable breakthroughs by accelerating performance, improving efficiency and extending the capabilities of their most demanding applications. Cray's Adaptive Supercomputing vision will result in innovative next-generation products that integrate diverse processing technologies into a unified architecture, allowing customers to surpass today's limitations and meeting the market's continued demand for realized performance. Go to www.cray.com for more information.

Cray is a registered trademark of Cray Inc. All other product and service names mentioned herein are the trademarks of their respective owners.

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