Vishay Intertechnology offers $150 million 30-year convertibles to yield 2%-2.5%, up 10%-15%

By Rebecca Melvin

New York, May 9 - Vishay Intertechnology Inc. launched $150 million of 30-year convertible debentures after the market close Monday for pricing before the market open Tuesday that were talked to yield 2% to 2.5% with an initial conversion premium of 10% to 15%, according to a market source.

J.P. Morgan Securities LLC is the bookrunner for the Rule 144A offering.

The senior debentures will be non-callable for 10 years and then provisionally callable subject to a 150% price hurdle. There are no puts.

Proceeds are for share repurchases and general corporate purposes.

Malvern, Pa.-based Vishay makes semiconductors and electronic components.

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