SiTime Corporation (NASDAQ:SITM) has priced an underwritten offering of $1.2 billion in convertible senior notes due 2031.
The notes carry a 0% interest rate and mature on June 15, 2031. The sale is expected to close on Thursday.
The conversion rate is set at 0.9611 shares per $1,000 principal, equating to an initial conversion price of approximately $1,040.47 per share.
SiTime trades at $68.84 with a market cap of about $1.04 billion. The stock has delivered a 133% return over the past year.
The company estimates net proceeds of approximately $1.17 billion, or $1.32 billion if the over-allotment option is fully exercised.
Proceeds will be used to fund part of the acquisition of Renesas Electronics' timing business assets.
