Vishay plans to pay all conversions, puts of 3.625% convertibles in cash

By Angela McDaniels

Seattle, July 2 - Vishay Intertechnology, Inc. plans to pay cash for any of its 3.625% convertible subordinated notes due 2023 tendered or put back to the company for repurchase, according to a company news release.

For notes submitted for conversion, the company said it will pay cash for the principal amount and will issue shares for any conversion value in excess of the principal amount.

The Malvern, Pa., maker of electronic components said its liquidity has changed since issuing the notes in 2003: Vishay has generated at least $200 million in cash flows from operations each year since 2003 and also has adequate borrowing capacity under its revolving credit facility, if necessary, to make all principal payments on the notes in cash.

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