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Silicon Labs greenshoe exercised, lifts convertibles to $400 million
New York, March 7 – Silicon Laboratories Inc. said the underwriters of its five-year convertible senior notes exercised the $50 million over-allotment option in full, raising the size of the sale to $400 million.
The issuer priced $350 million of the securities on Feb. 28 at par with a coupon of 1.375% and an initial conversion premium of 37.5%.
Those pricing terms were in the middle of the 1.25% to 1.75% yield talk and at the rich end of the 32.5% to 37.5% premium talk.
Goldman Sachs & Co. LLC and Wells Fargo Securities LLC were the joint bookrunners for the Rule 144A deal.
About $72.5 million of the proceeds will be used to repay in full an existing credit facility. Remaining proceeds will be used for general corporate purposes.
Silicon Laboratories is an Austin, Texas-based fabless semiconductor company.
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