OmniVision plans new debt for buyout by Hua, Citic and GoldStone

By Sara Rosenberg

New York, April 30 – OmniVision Technologies Inc. has received a debt financing commitment to help fund its acquisition by a consortium composed of Hua Capital Management Co. Ltd., Citic Capital Holdings Ltd. and GoldStone Investment Co. Ltd., according to an 8-K filed with the Securities and Exchange Commission on Thursday.

Bank of China is acting as mandated lead arranger and China Merchants Bank is acting as lead arranger on the financing, with Bank of China also acting as bookrunner.

Under the agreement, OmniVision is being bought for $29.75 per share in cash, or a total of about $1.9 billion.

Other funding for the transaction will come from equity.

Closing is expected in the third or fourth fiscal quarter of fiscal year 2016, subject to approval by OmniVision stockholders, regulatory approvals, including antitrust review in the United States and the People’s Republic of China, review and clearance by the Committee on Foreign Investment in the U.S., clearance or approval under applicable Taiwan law, and other customary conditions.

OmniVision is a Santa Clara, Calif.-based developer of advanced digital imaging solutions.

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