Vishay Intertechnology Inc. (VSH: Quote) Thursday announced closing of its offering of $150 million principal amount of convertible senior debentures due 2042. Interest is payable on the debentures semi-annually at a rate of 2.25 percent per annum.
The debentures will be initially convertible, subject to certain conditions at an initial conversion rate of 84.6937 shares of common stock per $1,000 principal amount of debentures. This represents an initial effective conversion price of approximately $11.81 per share.
The company also said it used the net proceeds from the offering, together with cash on hand, to repurchase approximately 13.95 million shares of Vishay's common stock for an aggregate purchase price of $150 million. Upon conversion, Vishay intends to repay the principal amount of the debentures in cash and settle any additional amounts in shares.
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by RTT Staff Writer
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