Vishay prices $650M 2.25% convertible notes due 2030; proceeds to repurchase 2025 notes, repay debt

VISHAY INTERTECHNOLOGY INC

Offering upsized from $600M to $650M; initial purchasers' option for additional $100M.
Conversion rate 33.1609 shares/$1,000 (20% premium to $25.13 close); cap price ~$43.98 per share.
Net proceeds ~$632.7M: $388.8M to repurchase $370.2M of 2025 notes, $162.3M to repay credit facility, $81.6M for capped call.
Notes mature Sep 15, 2030, interest 2.25% semi-annual; redeemable after Sep 20, 2027 if stock price >=130% of conversion price.
Closing expected Sep 12, 2023; capped call transactions entered to reduce potential dilution.

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