Vishay Prices Offering Of $650 Mln Convertible Senior Notes

(RTTNews) - Vishay Intertechnology, Inc. (VSH), a maker of discrete semiconductors and passive electronic components, said on Friday that it has priced its upsized offering of $650 million aggregate principal amount of 2.25% convertible senior notes due 2030 in a private placement.

The company expects to use the net proceeds mainly to enter into additional capped call transactions with the option counterparties, to buy back a portion of its outstanding convertible senior notes due 2025, and to repay debts under its senior secured credit facility. The latest offering stands increased from the previously announced $600 million.

The company has granted to the initial purchasers an option to buy up to an additional $100 million of the notes. The offering is expected to be closed on September 12. Vishay expects net proceeds from the offering of around $632.7 million or about $730.2 million if the initial purchasers of the notes exercise their option to purchase additional notes.

The conversion rate will initially be 33.1609 shares per $1,000 principal amount of notes. This represents an initial conversion price of around $30.16 per share. This represents a premium of 20 percent to the last reported per share sale price of $25.13 on the NYSE as of September 7.