InvenSense offers $125 million five-year convertibles to yield 2%-2.25%, up 32.5%-37.5%

By Rebecca Melvin

New York, Nov. 5 - InvenSense Inc. plans to price $125 million of five-year convertible senior notes after the market close on Wednesday that were talked to yield 2% to 2.25% with an initial conversion premium of 32.5% to 37.5%%, according to a syndicate source.

The Rule 144A offering has an over-allotment option for up to an additional $18.75 million of additional notes and was being sold by Goldman Sachs & Co. as the bookrunner.

The bonds are non-callable.

Proceeds are intended for general corporate purposes, including capital expenditures and working capital, and also to pay for the cost of convertible note hedge transactions as part of a call spread that is intended to raise the initial conversion premium from the issuer's perspective.

InvenSense is a San Jose, Calif.-based maker of motion tracking devices in consumer electronics.

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