NEW YORK (TheStreet) -- Shares of Advanced Micro Devices (AMD) - Get Report were down on heavy trading volume late Friday morning after the Sunnyvale, CA-based semiconductor company disclosed the pricing of an upsized public offering.

AMD now plans to sell $700 million of its convertible senior notes due 2026, up from the $450 million announced earlier this week.

The company also priced a public offering of $600 million of its common stock at $6 per share.

AMD expects the transactions will close on or around September 14, and will use the proceeds to repay its borrowings under its credit facility or to purchase outstanding senior notes.

"While existing investors won't like the share dilution, the reduction in interest expense offsets. We expect AMD shares to recover following an offerings-related pullback," MKM Partnerswrote in a note when AMD first announced the offering earlier this week.

About 97.87 million shares of AMD have been traded so far today, well above its average trading volume of roughly 29.03 million shares a day.

Separately, TheStreet Ratings team rates the stock as a "sell" with a ratings score of D.

AMD's weaknesses include its weak operating cash flow and poor profit margins.

You can view the full analysis from the report here: AMD

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.