Semtech Stock Hits 8-Year Low on Private Placement Plan
October 19 2023 - 9:28AM
Dow Jones News
By Dean Seal
Shares of Semtech fell to an eight-year low after the company
said it plans to offer $250 million in notes through a private
placement.
The stock was down more than 20% at a low of $15.77 in early
trading. Shares have fallen 45% year-to-date and haven't traded
this low since 2015.
The semiconductor and cloud-software maker said early Thursday
that it intends to offer $250 million in aggregate principal amount
of convertible senior notes due 2028.
After paying off the costs of the private placement, the
proceeds will be used to prepay term loans outstanding under
Semtech's current senior credit facilities.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
October 19, 2023 10:13 ET (14:13 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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