Semtech reports LTM net loss $440M; announces $250M convertible note offering

SEMTECH CORP

LTM net loss $440M (GAAP) vs. FY23 net income $61M; includes $280M goodwill impairment.
Adjusted EBITDA $169M, adjusted gross profit $454M for LTM ended Q2 FY24.
Third Amendment to credit agreement extends covenant relief to April 2026, contingent on $250M term loan prepayment.
Plans to issue $250M convertible senior notes due 2028; net proceeds plus cash to prepay term loans.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SEMTECH CORP amended Third Amendment to Third Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent valued at $250 million (effective 2023-10-19).

Action: amendment
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent
Value: $250 million
Effective: 2023-10-19

Exact text from the filing

On October 19, 2023, Semtech Corporation (the “ Company ”), with certain of its domestic subsidiaries as guarantors, entered into that certain Third Amendment to Third Amended and Restated Credit Agreement (the “ Third Amendment ”) with the lenders referred to therein and JPMorgan Chase Bank, N.A., as administrative agent.

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SEMTECH CORP filing history →

Source: SEC EDGAR

accession 0000950103-23-015115

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