Vishay to pay cash to settle conversions, redemptions of 2.25% notes

By Susanna Moon

Chicago, June 7 - Vishay Intertechnology, Inc. plans to waive its rights to settle the principal amount of its recently issued $150 million principal amount of 2.25% convertible senior debentures due 2042 upon conversion or repurchase in shares.

The company said it will pay cash for notes tendered for repurchase or conversion.

For notes submitted for conversion, Vishay will value the shares issuable upon conversion and will pay in cash an amount equal to the principal amount of the converted debentures and will issue shares for the conversion value in excess of the principal amount, according to an 8-K filing with the Securities and Exchange Commission.

The notes are convertible at $11.81 per $1,000 principal amount, or equal to 84.6937 shares per $1,000 principal amount. The company's shares (NYSE: VSH) closed at $10.69 on June 6.

The issuer is a Malvern, Pa.-based semiconductor manufacturer.

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