SAN JOSE -- Cadence Design Systems will seek to raise up to $300 million from the sale of convertible senior notes due 2015. Most of the cash will be used to pay debt due between 2011 and 2013.

The sale is subject to market and other conditions, the company said in a press release today. 

Cadence intends to grant the initial purchasers of the notes an option to purchase up to an additional $50 million principal amount of notes to cover over-allotments. The notes will be convertible into cash under certain conditions. Interest and conversion rates and other terms are to be determined.

Cadence intends to use up to $100 million of the net proceeds of this offering to repurchase a portion of its 1.375% convertible senior notes due Dec. 15, 2011, up to $100 million to repurchase a portion of its 1.5% convertible senior notes due Dec. 15, 2013, and up to $40 million of the net proceeds of this offering to repurchase shares of its common stock.

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