Microchip Technology Incorporated $1.1 Billion Convertible Notes Exchanges
11/23/2020

Davis Polk is advising the financial adviser to Microchip Technology Incorporated in connection with Microchip’s privately negotiated exchanges of $90 million aggregate principal amount of its outstanding 1.625% convertible senior subordinated notes due 2025, $589 million aggregate principal amount of its outstanding 1.625% convertible senior subordinated notes due 2027 and $408 million aggregate principal amount of its outstanding 2.250% convertible junior subordinated notes due 2037. In exchange for these notes, Microchip will issue $666 million aggregate principal amount of new 0.125% convertible senior subordinated notes due 2024 and approximately 8.5 million shares of Microchip’s common stock and pay $435 million in cash. The closing of the exchanges is subject to customary closing conditions.

Headquartered in Chandler, Arizona, Microchip is a leading provider of smart, connected and secure embedded control solutions. Its easy-to-use development tools and comprehensive product portfolio enable customers to create optimal designs, which reduce risk while lowering total system cost and time to market.

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