MKS Instruments prices $1.2B 1.25% convertible notes due 2030; upsized from $1.0B

MKS INC

$1.2B aggregate principal of 1.25% convertible senior notes due 2030; initial purchasers can buy additional $200M.
Initial conversion price ~$154.32/share (30% premium over May 13 close of $118.71).
Net proceeds ~$1.1777B; $143.5M for capped calls; remainder to repay ~$1.034B First Lien term loan.
Entered capped call transactions with option counterparties; cap price $237.42/share.
Offering expected to close May 16, 2024; notes unsecured, interest payable semi-annually.

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