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Sandisk Corp Announces Pricing of $1.3 Billion of Convertible Senior Notes


Thursday, 24 Oct 2013 08:00am EDT 

SanDisk Corporation announced the pricing of $1.3 billion principal amount of Convertible Senior Notes due in 2020. The size of the offering of the notes was increased from the previously announced aggregate principal amount of $1.0 billion. The sale of the notes is expected to close on October 29, 2013. The Company estimates that the net proceeds from the offering will be approximately $1.28 billion, or approximately $1.48 billion if the initial purchaser exercises its over-allotment option in full, after deducting discounts and estimated offering expenses. The Company intends to use a portion of the net proceeds of the offering to fund the cost of privately negotiated convertible note hedge transactions, which will serve to increase the effective conversion price of the notes. In addition, the Company intends to use a portion of the net proceeds to repurchase shares of its common stock from purchasers of the notes in privately negotiated transactions, each as described below. The remaining net proceeds are expected to be used for: the repayment at maturity, or repurchase from time to time, of a portion or all of the Company's currently outstanding indebtedness; potential strategic investments or acquisitions; the repurchase, from time to time, of shares of the Company's common stock pursuant to the Company's existing stock repurchase programs; and other general corporate purposes, including capital expenditures related to manufacturing and technology. 

Company Quote

88.76
0.3 +0.34%
24 Oct 2014