II-VI to price $300 million of five-year convertible senior notes

By Stephanie N. Rotondo

Seattle, Aug. 22 – II-VI Co. announced a $300 million offering of convertible senior notes due 2022 on Tuesday.

There is a $45 million over-allotment option.

The Rule 144A bonds will be convertible into cash, common stock, or a combination of the two, at the company’s option.

The Pittsburgh-based producer of engineered materials and optoelectronic components and devices plans to use $50 million of the proceeds to repurchase stock from one or more of the initial purchasers of the notes via privately negotiated transactions.

Remaining proceeds will be used for general corporate purposes, which may include repayment, redemption or refinancing of debt, capital expenditures, investments in or loans to subsidiaries and joint ventures, funding of possible acquisitions or strategic transactions, working capital, satisfaction of other obligations and additional repurchases of II-VI’s outstanding equity securities.

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