Silicon Labs redeems 1.375% convertibles after 92.73% converted

By Wendy Van Sickle

Columbus, Ohio, March 23 – Silicon Laboratories Inc. said holders of $130.4 million, or 92.73%, of its 1.375% convertible senior notes due 2022 gave notice to convert their notes into 528,022 shares of common stock ahead of a scheduled redemption of the notes.

The remaining $10.2 million of the convertibles were redeemed at par plus interest on March 22.

The noteholders were entitled to convert their notes into common stock at a rate of 10.8856 shares per $1,000 principal amount, which is equivalent to a conversion price of $91.86 per share. The conversion right expired on March 19.

Silicon Labs is an Austin, Tex.-based semiconductor company.

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