Synaptics (SYNA) said Thursday it priced its private offering of $400 million of 0.75% convertible senior unsecured notes due Dec. 1, 2031.
The initial conversion rate is 10.0308 common shares per $1,000 of notes, which is equivalent to an initial conversion price of about $99.69 per share.
Initial purchasers of the notes were granted a 13-day option to buy up to an additional $50 million of notes. The issuance and sale of the notes is expected to settle on Nov. 19.
The company said it plans to use the net proceeds to fund the cost of entering into certain capped call transactions and to repurchase its common stock. The remaining proceeds, together with about $307 million cash on hand, will be used to repay the outstanding balance under its term loan facility.
Synaptics' shares fell about 2% in recent premarket activity Friday.
Price: 73.74, Change: -1.50, Percent Change: -1.99
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