Vishay to repay term loan, revolver debt with convertibles proceeds

By Sara Rosenberg

New York, Nov. 3 - Vishay Intertechnology Inc. must use 50% of the net proceeds from a $250 million convertible senior note offering to prepay outstanding amounts under its term loan, and after that's repaid in full, outstanding amounts under its revolver, according to a news release.

Currently, the company has $75 million in term loan debt and $125 million in revolver borrowings.

Following the paydown, the company plans to use the remaining convertible proceeds, along with revolver borrowings, to repurchase up to $250 million of its common stock and for general corporate purposes.

Vishay is a Malvern, Pa.-based manufacturer and supplier of semiconductors and passive electronic components.

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