Nova Ltd. (NVMI), a provider advanced metrology solutions for the semiconductor manufacturing industry, Wednesday said it has priced its private offering of $650 million of 0.00% convertible senior notes due 2030.
The offering was upsized from the previously announced $500 million of notes.
Nova intends to use about $44.9 million of the net proceeds from the offering to pay the costs of the capped call transactions, which the company has entered into with certain initial purchasers of the notes and/or their respective affiliates and/or other financial institutions in connection with the pricing of the notes. Remaining of the proceeds is expected to be used for general corporate purposes including potential mergers and acquisitions, business development, and the development of new products and technologies.
Nova has granted the initial purchasers of the notes an option to purchase up to an additional $100 million of notes.
The initial conversion rate of the notes is 3.1234 shares of Nova per $1,000 of notes. The conversion price of about 320.16 per share is 35% premium to Nova's closing share price on September 2.
The cap price of the capped call transactions will initially be $415.03 per share, a 75% premium to Nova's closing stock price on September 2.
The sale of the notes to the initial purchasers is expected to settle on September 5.
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