InvenSense offers to purchase 1.75% convertible notes due 2018

By Marisa Wong

Morgantown, W.Va., June 14 – InvenSense, Inc. said it has begun an offer to purchase any and all of its outstanding $175 million 1.75% convertible senior notes due 2018 on July 18.

Tenders must be made by 5 p.m. ET on July 17. Tenders may be withdrawn at any time prior to that expiration time.

The purchase price is a cash amount equal to par plus accrued interest to the purchase date.

The company is making the offer in connection with a fundamental change. InvenSense was acquired by TDK U.S.A. Corp.

In connection with the merger, the 1.75% notes are alternatively convertible until the expiration time of the tender offer. Each $1,000 principal amount is convertible into cash in an amount equal to the conversion rate for the notes, 45.6830 shares of InvenSense common stock, multiplied by the merger consideration, $13.00 per share, or $593.879.

Holders who convert their notes may not tender them in the offer and vice versa.

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

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