II-VI to use new mandatory convertible preferred for loan paydown

Chicago, July 2 – II-VI Inc. announced that it will use the proceeds from a new issue of mandatory convertible preferred stock with cash on hand to repay bank debt, according to a press release.

Specifically, the company will use up to $714.6 million from the net proceeds of its $400 million new offering with cash on hand to repay its existing credit agreement.

Any remainder of the net proceeds will be used to develop, enhance, invest in or acquire related, emerging or complementary technologies, products or businesses and for other general corporate purposes.

II-VI is a Pittsburgh-based optoelectronics components maker.

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