Results of Hutchinson’s Tender/Exchange Offer

Hutchinson Technology Incorporated announced the final results of its previously announced offer to exchange for new securities or purchase for cash, at the election of each holder and subject to certain limitations, up to $75,294,000 of its 3.25% Convertible Subordinated Notes due 2026. The tender/exchange offer for the Old Notes expired at 5:00 p.m., New York City time, on February 8, 2011.

The company has been advised by Global Bondholder Services Corporation, the exchange and information agent for the tender/exchange offer, that, as of the expiration of the offer, $187,284,000 aggregate principal amount of Old Notes had been tendered for purchase or exchange, representing approximately 95 percent of the principal amount of the outstanding Old Notes. The consideration for the tender/exchange offer will be delivered promptly by the exchange and information agent.

In accordance with the terms of the tender/exchange offer, the company will make cash payments of $30,000,000 for the purchase of $35,294,000 aggregate principal amount of the Old Notes. Because the cash required to purchase the Old Notes tendered for cash exceeded the applicable limit, the amount of Old Notes accepted for purchase in the tender will be prorated.

In further accordance with the terms of the tender/exchange offer, the company will issue $40,000,000 aggregate principal amount of a new series of 8.50% Convertible Senior Notes due 2026 in exchange for $40,000,000 aggregate principal amount of the Old Notes. Because the aggregate principal amount of the Old Notes tendered for exchange, including any Old Notes tendered for cash but not accepted for purchase for cash, exceeded the applicable limit, the Old Notes accepted for purchase in the exchange offer will be prorated.

A total of $122,206,000 principal amount of Old Notes will remain outstanding after completion of the tender/exchange offer.

Citadel Securities, LLC acted as the dealer manager in connection with the tender/exchange offer.