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Published on 4/21/2020 in the Prospect News Convertibles Daily.

Inphi talks $330 million five-year convertible notes to yield 0.75%-1.25%, up 27.5%-32.5%

By Abigail W. Adams

Portland, Me., April 21 – Inphi Corp. plans to price $330 million of five-year convertible notes after the market close on Tuesday with price talk for a coupon of 0.75% to 1.25% and an initial conversion premium of 27.5% to 32.5%, according to a market source.

J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are joint bookrunners for the Rule 144A offering, which carries a greenshoe of $50 million.

The notes are non-callable for three-years and then subject to a 130% hurdle with a make-whole.

They are contingently convertible until Oct. 15, 2024.

There is standard dividend and takeover protection.

The company plans to exchange up to $100 million of the principal amount of its 1.125% convertible notes due 2020 for cash and stock in privately negotiated transactions.

In connection with the pricing of the notes, the company will enter into capped call transactions.

Proceeds will be used to cover the cost of the call spread, to cover the cash portion of the exchange and for general corporate purposes.

Inphi is a Santa Clara, Calif.-based analog and mixed-signal semiconductor components manufacturer.


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