indie Semiconductor talks $125 million five-year convertibles to yield 4.25%-4.75%, up 25%-30%

By Abigail W. Adams

Portland, Me., Nov. 16 – indie Semiconductor Inc. plans to price $125 million of five-year convertible notes after the market close on Wednesday with price talk for a coupon of 4.25% to 4.75% and an initial conversion premium of 25% to 30%, according to a market source.

Goldman Sachs & Co. LLC is bookrunner for the Rule 144A offering, which carries a greenshoe of $18.75 million.

The notes are non-callable for three years and then subject to a 130% hurdle.

There is dividend and takeover protection.

Concurrently, the company will enter into private negotiations to repurchase up to $25 million of common stock.

The company’s board has authorized the repurchase of up to $50 million in common stock or warrants to purchase common stock.

Net proceeds will be used for the $25 million share repurchase with the remaining amount to be used for general corporate purposes.

indie Semiconductor is an Aliso Viejo, Calif.-based automotive semiconductor company.

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