Microchip issues 27M depositary shares of 7.5% mandatory convertible preferred stock

MICROCHIP TECHNOLOGY INC

Issued 27M depositary shares (each 1/20 interest in 7.5% Series A Mand Conv Pref); over-allotment 2.7M exercised in full.
Preferred stock liquidation preference $1,000/share, 7.5% annual dividend payable quarterly starting June 15, 2025.
Mandatory conversion March 15, 2028 into 16.0060–19.6080 common shares per preferred share, subject to anti-dilution.
Entered capped call transactions with RBC, BNP Paribas, Truist, BMO, TD to offset dilution; cap price $71.40 per share.
Certificate of Designations restricts common dividends and share repurchases unless preferred dividends paid in full.

Key facts

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Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

MICROCHIP TECHNOLOGY INC: Certificate of Designations establishing preferences, limitations and relative rights of the Preferred Stock filed with Delaware Secretary of State (effective 2025-03-25).

Change: charter amendment
Effective: 2025-03-25

Exact text from the filing

On March 25, 2025, the Company filed the Certificate of Designations with the Secretary of State of the State of Delaware to establish the preferences, limitations and relative rights of the Preferred Stock.

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13 governance changes filed in the last 30 days. Browse all governance changes →

MICROCHIP TECHNOLOGY INC filing history →

Source: SEC EDGAR

accession 0001193125-25-062515

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