Microchip Technology plans to offer $1.1 billion in Convertible Senior Notes due 2030.

From GlobeNewswire: 2024-05-28 16:01:00

Microchip Technology Incorporated is planning to offer $1.1 billion in Convertible Senior Notes due 2030 to qualified institutional buyers. The notes will be unsecured obligations, with interest payable semi-annually. Microchip will use proceeds to pay for capped call transactions and repay existing debt. The terms, including interest rate and conversion rate, will be determined later. Capped call transactions are expected to reduce dilution to common stock upon conversion of notes. The notes will only be offered to qualified institutional buyers under Rule 144A of the Securities Act, not registered under the Securities Act or any other jurisdiction.

Contact: Eric Bjornholt – CFO (480) 792-7804, Sajid Daudi – Head of Investor Relations (480) 792-7385.



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