VISHAY INTERTECHNOLOGY INC (VSH): debt financing — Vishay closes $750M 2.25% convertible notes offering; repurchases existing notes and repays credit facility

VISHAY INTERTECHNOLOGY INC

Closed $750M 2.25% senior convertible notes due 2030 ($650M upsized + $100M option exercised).
Conversion price ~$30.16 (20% premium to $25.13 close); initial rate 33.1609 shares per $1,000.
Used $388.8M to repurchase $370.2M of existing 2.25% convertible notes due 2025.
Used $162.3M to repay borrowings under senior secured credit facility.
Entered capped call transactions costing $94.2M to reduce dilution; cap price ~$43.98.

item 1.01 item 2.03 item 3.02 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

VISHAY INTERTECHNOLOGY INC incurred convertible notes of $750 million with HSBC Bank USA, National Association at 2.25% maturing September 15, 2030.

Instrument: convertible notes
Principal: $750 million
Counterparty: HSBC Bank USA, National Association
Rate: 2.25%
Maturity: September 15, 2030
Event: incurrence

Exact text from the filing

On September 12, 2023, Vishay Intertechnology, Inc. (“Vishay”, the “Company”) issued $750 million aggregate principal amount of 2.25% Senior Convertible Notes due 2030

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

VISHAY INTERTECHNOLOGY INC entered into Indenture with HSBC Bank USA, National Association valued at $750 million aggregate principal amount of 2.25% Senior Convertible Notes due 2030 (effective 2023-09-12).

Action: entry
Agreement: notes offering
Counterparty: HSBC Bank USA, National Association
Value: $750 million aggregate principal amount of 2.25% Senior Convertible Notes due 2030
Effective: 2023-09-12

Exact text from the filing

On September 12, 2023, Vishay Intertechnology, Inc. (“Vishay”, the “Company”) issued $750 million aggregate principal amount of 2.25% Senior Convertible Notes due 2030 (the “Notes”), which amount includes the exercise in full of the $100 million option granted to the Initial Purchasers (as defined below) of the Notes (the “Convertible Senior Notes Offering”), pursuant to an Indenture, dated as of September 12, 2023 (the “Indenture”), between Vishay and HSBC Bank USA, National Association, as trustee.

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73 debt financings filed in the last 30 days. Browse all debt financings →

VISHAY INTERTECHNOLOGY INC filing history →

Source: SEC EDGAR

accession 0000103730-23-000078

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