WILMINGTON, Mass.--(BUSINESS WIRE)--Rudolph Technologies, Inc. (NYSE:RTEC), a leader in the design, development, manufacture and support of defect inspection, lithography, process control metrology, and process control software used by semiconductor and advanced packaging device manufacturers worldwide today announced that it has redeemed all of its outstanding 3.75% Convertible Senior Notes due July 2016 with an aggregate principle amount of $60 million. Under the terms of the Indenture, holders of the notes were paid cash up to the aggregate principal amount of the notes and shares of common stock for the remainder of our conversion, with any fractional shares paid in cash. As a result of this redemption, the Company eliminated its debt and will have cash savings in annual interest payments of $2.25 million. The conversion resulted in the issuance of 540,000 shares of common stock to the bondholders, but resulted in no dilution to Rudolph shareholders as these shares were covered by a convertible note hedge that was entered into by the Company in 2011 at the time of issuance of the notes. Subsequent to the redemption of the notes, the Company's cash and short-term investments totaled approximately $100 million.

About Rudolph Technologies

Rudolph Technologies, Inc. is a leader in the design, development, manufacture and support of defect inspection, lithography, process control metrology, and process control software used by semiconductor and advanced packaging device manufacturers worldwide. Rudolph delivers comprehensive solutions throughout the fab with its families of proprietary products that provide critical yield-enhancing information, enabling microelectronic device manufacturers to drive down costs and time to market of their devices. Headquartered in Wilmington, Massachusetts, Rudolph supports its customers with a worldwide sales and service organization. Additional information can be found on the Company’s website at www.rudolphtech.com.