Amid turmoil in the debt capital markets, Intel, Francisco Partners and STMicroelectronics have delayed the closing of Numonyx, its joint flash memory venture, to March 28, 2008.

The original deadline for the memory venture was supposedly Jan. 1, 2008, analysts said. At that time, Numonyx was supposed to be a full-fledged and independent company, they added.

The three parties continue to work to satisfy the conditions to closing for the transaction, and expect the closing to take place in first quarter of 2008.

ST announced that the parties have received executed bank commitments for the financing of Numonyx, ''following the significant turmoil in the debt capital markets.''

When the venture was announced in May, the parties arranged for the new company to receive firm commitments for a $1.3 billion term loan and $250 million revolver.

The revised financing terms involve a senior loan of up to $650 million, and a $100 million committed revolving credit facility for Numonyx. As anticipated, at closing Francisco Partners will invest $150 million in exchange for a 6.3 percent shareholding.

In exchange for its contribution of its flash memory business, ST will receive 48.6 percent of Numonyx's shares and $364 million through a combination of cash in the range from low double digits to $130 million and long-term subordinated interest-bearing notes.

Based on the finalized financing structure, at closing Numonyx is expected to have a similar level of net cash, with lower indebtedness, than originally anticipated.