Semtech prices $250M of 4% convertible notes due 2028; reaffirms Q3 FY2024 outlook

SEMTECH CORP

$250M aggregate principal of 4.00% convertible senior notes due 2028 priced.
Net proceeds of ~$242.5M, expected close Oct 26, 2023; to prepay term loans.
Initial conversion price ~$20.37/share, 27.5% premium over Oct 19 close.
Reaffirms Q3 FY2024 outlook: net sales $190M-$210M, non-GAAP diluted EPS ($0.22)-($0.09).

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