UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
Power-One, Inc.
(Name of Issuer)
Common Stock, par value $0.001 per share
(Title of Class of Securities)
739308104
(CUSIP Number)
December 31, 2008
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
----------------
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 13 Pages
CUSIP No. 739308104 13G Page 2 of 13 Pages
--------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
Highbridge International LLC
--------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions)
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
(3) SEC USE ONLY
--------------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands, British West Indies
--------------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES -----------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
$15,000,000 aggregate principal amount of 8.0%
Senior Secured Convertible Notes due June 17, 2013,
convertible into 4,573,200 shares of Common Stock
(See item 4(a))
OWNED BY -----------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING -----------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
$15,000,000 aggregate principal amount of 8.0%
Senior Secured Convertible Notes due June 17, 2013,
convertible into 4,573,200 shares of Common Stock
(See item 4(a))
--------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
$15,000,000 aggregate principal amount of 8.0%
Senior Secured Convertible Notes due June 17, 2013,
convertible into 4,573,200 shares of Common Stock
(See item 4(a))
--------------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES (see instructions)
[ ]
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.95% (See item 4(a))
--------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (see instructions)
OO
--------------------------------------------------------------------------------
CUSIP No. 739308104 13G Page 3 of 13 Pages
--------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
STAR L.P. (a statistical arbitrage strategy)
--------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions)
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
(3) SEC USE ONLY
--------------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands, British West Indies
--------------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES -----------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
0
OWNED BY -----------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING -----------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
0
--------------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES (see instructions)
[ ]
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0%
--------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (see instructions)
PN
--------------------------------------------------------------------------------
CUSIP No. 739308104 13G Page 4 of 13 Pages
--------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
Highbridge Statistical Opportunities Master Fund, L.P.
--------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions)
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
(3) SEC USE ONLY
--------------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands, British West Indies
--------------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES -----------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
0
OWNED BY -----------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING -----------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
0
--------------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES (see instructions)
[ ]
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0%
--------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (see instructions)
PN
--------------------------------------------------------------------------------
CUSIP No. 739308104 13G Page 5 of 13 Pages
--------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
Highbridge Convertible Opportunities Master Fund, L.P.
--------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions)
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
(3) SEC USE ONLY
--------------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands, British West Indies
--------------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES -----------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
$2,000,000 aggregate principal amount of 8.0%
Senior Secured Convertible Notes due June 17, 2013,
convertible into 609,760 shares of Common Stock
(See item 4(a))
OWNED BY -----------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING -----------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
$2,000,000 aggregate principal amount of 8.0%
Senior Secured Convertible Notes due June 17, 2013,
convertible into 609,760 shares of Common Stock
(See item 4(a))
--------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
$2,000,000 aggregate principal amount of 8.0%
Senior Secured Convertible Notes due June 17, 2013,
convertible into 609,760 shares of Common Stock
(See item 4(a))
--------------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES (see instructions)
[ ]
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.69%
--------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (see instructions)
PN
--------------------------------------------------------------------------------
CUSIP No. 739308104 13G Page 6 of 13 Pages
--------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
Highbridge Capital Management, LLC
--------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions)
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
(3) SEC USE ONLY
--------------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
--------------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES -----------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
$17,000,000 aggregate principal amount of 8.0%
Senior Secured Convertible Notes due June 17, 2013,
convertible into 5,182,960 shares of Common Stock
(See item 4(a))
OWNED BY -----------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING -----------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
$17,000,000 aggregate principal amount of 8.0%
Senior Secured Convertible Notes due June 17, 2013,
convertible into 5,182,960 shares of Common Stock
(See item 4(a))
--------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
$17,000,000 aggregate principal amount of 8.0%
Senior Secured Convertible Notes due June 17, 2013,
convertible into 5,182,960 shares of Common Stock
(See item 4(a))
--------------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES (see instructions)
[ ]
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.57%
--------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (see instructions)
OO
--------------------------------------------------------------------------------
CUSIP No. 739308104 13G Page 7 of 13 Pages
--------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
Glenn Dubin
--------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions)
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
(3) SEC USE ONLY
--------------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES -----------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
$17,000,000 aggregate principal amount of 8.0%
Senior Secured Convertible Notes due June 17, 2013,
convertible into 5,182,960 shares of Common Stock
(See item 4(a))
OWNED BY -----------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING -----------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
$17,000,000 aggregate principal amount of 8.0%
Senior Secured Convertible Notes due June 17, 2013,
convertible into 5,182,960 shares of Common Stock
(See item 4(a))
--------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
$17,000,000 aggregate principal amount of 8.0%
Senior Secured Convertible Notes due June 17, 2013,
convertible into 5,182,960 shares of Common Stock
(See item 4(a))
--------------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES (see instructions)
[ ]
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.57%
--------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (see instructions)
IN
--------------------------------------------------------------------------------
CUSIP No. 739308104 13G Page 8 of 13 Pages
--------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
Henry Swieca
--------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions)
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
(3) SEC USE ONLY
--------------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES -----------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
$17,000,000 aggregate principal amount of 8.0%
Senior Secured Convertible Notes due June 17, 2013,
convertible into 5,182,960 shares of Common Stock
(See item 4(a)
OWNED BY -----------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING -----------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
$17,000,000 aggregate principal amount of 8.0%
Senior Secured Convertible Notes due June 17, 2013,
convertible into 5,182,960 shares of Common Stock
(See item 4(a)
--------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
$17,000,000 aggregate principal amount of 8.0%
Senior Secured Convertible Notes due June 17, 2013,
convertible into 5,182,960 shares of Common Stock
(See item 4(a)
--------------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES (see instructions)
[ ]
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.57%
--------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (see instructions)
IN
--------------------------------------------------------------------------------
CUSIP No. 739308104 13G Page 9 of 13 Pages
This Amendment No. 1 (this "Amendment") amends the statement on Schedule 13G
filed on June 20, 2008 (the "Original Schedule 13G" and the Original Schedule
13G as amended, the "Schedule 13G") with respect to shares of common stock, par
value $0.001 per share (the "Common Stock") of Power-One, Inc., a Delaware
corporation (the "Company"). Capitalized terms used herein and not otherwise
defined in this Amendment have the meanings set forth in the Schedule 13G. This
Amendment amends and restates Items 2(a), 2(b), 2(c), 4 and 5 in their entirety
as set forth below.
Item 2(a). Name of Person Filing
Item 2(b). Address of Principal Business Office
Item 2(c). Citizenship
HIGHBRIDGE INTERNATIONAL LLC
c/o Harmonic Fund Services
The Cayman Corporate Centre, 4th Floor
27 Hospital Road
Grand Cayman, Cayman Islands, British West Indies
Citizenship: Cayman Islands, British West Indies
HIGHBRIDGE CONVERTIBLE ARBITRAGE MASTER FUND, L.P.
c/o Harmonic Fund Services
The Cayman Corporate Centre, 4th Floor
27 Hospital Road
Grand Cayman, Cayman Islands, British West Indies
Citizenship: Cayman Islands, British West Indies
HIGHBRIDGE CAPITAL MANAGEMENT, LLC
9 West 57th Street, 27th Floor
New York, New York 10019
Citizenship: State of Delaware
GLENN DUBIN
c/o Highbridge Capital Management, LLC
9 West 57th Street, 27th Floor
New York, New York 10019
Citizenship: United States
HENRY SWIECA
c/o Highbridge Capital Management, LLC
9 West 57th Street, 27th Floor
New York, New York 10019
Citizenship: United States
Item 4. Ownership
Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.
(a) Amount beneficially owned:
As of the date of this filing, (i) Highbridge International LLC
beneficially owns $15,000,000 aggregate principal amount of 8.0% Senior Secured
Convertible Notes due June 17, 2013 (the "Notes"), convertible into 4,573,200
shares of Common Stock (not counting any accrued and unpaid interest on the
Notes), (ii) STAR, L.P. (a statistical arbitrage strategy) no longer
CUSIP No. 739308104 13G Page 10 of 13 Pages
beneficially owns any shares of Common Stock, (iii) Highbridge Statistical
Opportunities Master Fund, L.P. no longer beneficially owns any shares of Common
Stock, (iv) Highbridge Convertible Opportunities Master Fund, L.P. beneficially
owns $2,000,000 aggregate principal amount of Notes, convertible into 609,760
shares of Common Stock (not counting any accrued and unpaid interest on the
Notes) and (v) each of Highbridge Capital Management, LLC, Glenn Dubin and Henry
Swieca may be deemed the beneficial owner of the $17,000,000 aggregate principal
amount of the Notes, convertible into 5,182,960 shares of Common Stock (not
counting any accrued and unpaid interest on the Notes) beneficially owned by
Highbridge International LLC. Pursuant to the terms of the Notes, Highbridge
International LLC and Highbridge Convertible Opportunities Master Fund, L.P.
cannot convert any of the Notes until such time as the Reporting Persons would
not beneficially own, after any such conversion, more than 9.99% of the
outstanding Common Stock.
Highbridge Capital Management, LLC is the trading manager of Highbridge
International LLC, STAR, L.P. (a statistical arbitrage strategy), Highbridge
Statistical Opportunities Master Fund, L.P. and Highbridge Convertible
Opportunities Master Fund, L.P. Glenn Dubin is the Chief Executive Officer of
Highbridge Capital Management, LLC. Henry Swieca is the Chief Investment Officer
of Highbridge Capital Management, LLC. The foregoing should not be construed in
and of itself as an admission by any Reporting Person as to beneficial ownership
of shares of Common Stock owned by another Reporting Person. In addition, each
of Highbridge Capital Management, LLC, Glenn Dubin and Henry Swieca disclaims
beneficial ownership of shares of Common Stock held by Highbridge International
LLC. and Highbridge Convertible Opportunities Master Fund, L.P.
(b) Percent of class:
The Company's quarterly report for the quarterly period ended September
28, 2008 filed on Form 10-Q on November 7, 2008, indicates that as of November
5, 2008, there were 87,798,208 shares of Common Stock outstanding. Therefore,
based on the Company's outstanding shares of Common Stock and, for purposes of
clauses (i), (iv) and (v) below, assuming the conversion of the Notes, (i)
Highbridge International LLC may be deemed to beneficially own 4.95% of the
outstanding shares of Common Stock of the Company, (ii) STAR, L.P. (a
statistical arbitrage strategy) no longer beneficially owns any shares of Common
Stock of the Company, (iii) Highbridge Statistical Opportunities Master Fund,
L.P. no longer beneficially own any shares of Common Stock of the Company, (iv)
Highbridge Convertible Opportunities Master Fund, L.P. may be deemed to
beneficially own 0.69% of he outstanding shares of Common Stock of the Company
and (v) each of Highbridge Capital Management, LLC, Glenn Dubin and Henry Swieca
may be deemed to beneficially own 5.57% of the outstanding shares of Common
Stock of the Company. The foregoing should not be construed in and of itself as
an admission by any Reporting Person as to beneficial ownership of shares of
Common Stock owned by another Reporting Person.
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote
0
(ii) Shared power to vote or to direct the vote
See Item 4(a)
CUSIP No. 739308104 13G Page 11 of 13 Pages
(iii) Sole power to dispose or to direct the disposition of
0
(iv) Shared power to dispose or to direct the disposition of
See Item 4(a)
Item 5. Ownership of Five Percent or Less of a Class
As of the date hereof each of STAR L.P. (a statistical arbitrage
strategy) and Highbridge Statistical Opportunities Master Fund, L.P. no longer
beneficially owns any shares of Common Stock of the Company and has ceased to be
a Reporting Person with respect to the shares of Common Stock.
Exhibits:
Exhibit I: Joint Filing Agreement, dated as of February 9, 2009, by and
among Highbridge International LLC, Highbridge Convertible Opportunities Master
Fund, L.P., Highbridge Capital Management, LLC, Glenn Dubin and Henry Swieca.
CUSIP No. 739308104 13G Page 12 of 13 Pages
SIGNATURES
After reasonable inquiry and to the best of its knowledge and belief,
each of the undersigned certifies that the information with respect to it set
forth in this statement is true, complete, and correct.
Dated: February 9, 2009
HIGHBRIDGE CAPITAL MANAGEMENT, LLC HIGHBRIDGE INTERNATIONAL LLC
By: Highbridge Capital Management, LLC
its Trading Manager
By: /s/ John Oliva
------------------------------
Name: John Oliva By: /s/ John Oliva
Title: Managing Director ------------------------------
Name: John Oliva
Title: Managing Director
STAR, L.P. (a statistical arbitrage HIGHBRIDGE STATISTICAL OPPORTUNITIES
strategy) MASTER FUND, L.P.
By: Highbridge Capital Management, LLC By: Highbridge Capital Management, LLC
its Trading Manager its Trading Manager
By: /s/ John Oliva By: /s/ John Oliva
------------------------------ ------------------------------
Name: John Oliva Name: John Oliva
Title: Managing Director Title: Managing Director
/s/ Henry Swieca /s/ Glenn Dubin
------------------------------ ------------------------------
HENRY SWIECA GLENN DUBIN
HIGHBRIDGE CONVERTIBLE OPPORTUNITIES MASTER FUND, L.P.
By: Highbridge Capital Management, LLC
its Trading Manager
By: /s/ John Oliva
------------------------------
Name: John Oliva
Title: Managing Director
CUSIP No. 739308104 13G Page 13 of 13 Pages
EXHIBIT I
JOINT FILING AGREEMENT
This will confirm the agreement by and among the undersigned that the
Schedule 13G filed with the Securities and Exchange Commission on or about the
date hereof with respect to the beneficial ownership by the undersigned of the
shares of Common Stock, $0.001 par value, of Power-One Inc., is being filed, and
all amendments thereto will be filed, on behalf of each of the persons and
entities named below in accordance with Rule 13d-1(k) under the Securities
Exchange Act of 1934, as amended. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.
Dated as of February 9, 2009
HIGHBRIDGE CAPITAL MANAGEMENT, LLC HIGHBRIDGE INTERNATIONAL LLC
By: Highbridge Capital Management, LLC
its Trading Manager
By: /s/ John Oliva
------------------------------ By: /s/ John Oliva
Name: John Oliva ------------------------------
Title: Managing Director Name: John Oliva
Title: Managing Director
HIGHBRIDGE CONVERTIBLE OPPORTUNITIES MASTER FUND, L.P.
By: Highbridge Capital Management, LLC /s/ Glenn Dubin
its Trading Manager ------------------------------
GLENN DUBIN
By: /s/ John Oliva
------------------------------
Name: John Oliva
Title: Managing Director
/s/ Henry Swieca
------------------------------
HENRY SWIECA