Onto Innovation Inc. (NYSE:ONTO) announced the pricing of $1.3 billion in convertible senior notes due 2031. The offering size was increased from $1.1 billion.
The notes have an initial conversion price of $381.80 per share, a 50% premium to the closing price of $254.53. The notes do not bear regular interest.
Proceeds will fund $77.1 million in capped call transactions and $205 million in share repurchases. Remaining funds will go to general corporate purposes, including a planned acquisition.
Onto Innovation holds more cash than debt on its balance sheet, with a current ratio of 6.15. The company carries a "GOOD" financial health score.
