Ixys launches $60 million 20-year convertible bonds, talked to yield 3.5%-4.0% up 27.5%-32.5%

By Ronda Fears

Memphis, June 25 - Ixys Corp. launched $60 million of 20-year convertible senior unsecured notes talked to yield 3.5%-4.0% with an initial conversion premium of 27.5% to 32.5%. The issue is scheduled to price after the market close Tuesday.

There is an over-allotment option for a further $15 million.

Thomas Weisel Partners is bookrunner of the Rule 144A offering.

The convertible is non-callable for seven years. There are puts in years seven, 10 and 15.

The issue offers standard dividend and takeover protection. There is not a net share settlement feature.

Santa Clara, Calif.-based Ixys expects to use proceeds to repurchase $20 to $30 million of shares concurrently with the offering and the remainder for general corporate purposes, which may include acquisitions.

The company is a specialized semiconductor firm focused on power semiconductors, radio frequency power transistors and systems and digital and analog integrated circuits.

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