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Semtech proposes $250 million of convertible senior notes due 2027
Chicago, Oct. 6 – Semtech Corp. plans to sell $250 million of convertible senior notes due 2027, according to a Thursday morning press release.
There will be a 13-day greenshoe for an additional $37.5 million of notes.
Proceeds will be used to pay the cost of certain convertible note hedge transactions.
If the greenshoe is exercised, Semtech will also sell warrants to the option counterparties.
The remaining proceeds from the Rule 144A offering will be used, with the company’s new term loan, revolver and available cash, to finance the purchase price for Sierra Wireless, Inc.
The acquisition is expected to close before March 3.
There is a special call at 101 if the acquisition will not be completed by this time.
Semtech is a Camarillo, Calif.-based supplier of high-performance analog and mixed-signal semiconductors and advanced algorithms.
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