Camtek talks $140 million five-year convertible notes with fixed coupon of 0%, up 22.5%-27.5%

By Abigail W. Adams

Portland, Me., Nov. 17 – Camtek Ltd. plans to price $140 million of five-year convertible notes after the market close on Thursday with price talk for a fixed coupon of 0% and an initial conversion premium of 22.5% to 27.5%, according to a market source.

BofA Securities Inc. and Barclays are bookrunners for the Rule 144A offering, which carries a greenshoe of $20 million.

The notes are non-callable until Dec. 6, 2024 and then subject to a 130% hurdle.

They are putable upon a fundamental change.

The notes will be settled in cash, shares or a combination of both at the company’s option.

Proceeds will be used for general corporate purposes, which may include acquisitions.

Camtek is a Migdal Haemek, Israel-based manufacturer of inspection and metrology equipment for the semiconductor industry.

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