Semtech Drops 7%; To Issue $250 Mln Of Notes

(RTTNews) - Shares of Semtech Corporation (SMTC), a supplier of analog and mixed-signal semiconductor products and advanced algorithms, are falling more than 7% Thursday morning at $29.72.

The company today announced its plans to offer $250 million in aggregate principal amount of convertible senior notes due 2027.

Semtech intends to use a portion of the net proceeds from the Offering to pay the cost of certain convertible note hedge transactions. Remaining part of the net proceeds is expected to be used in funding the acquisition of Sierra Wireless, Inc.

The stock touched a new low of $28.75 this morning.