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Sandisk Corp Completes Private Offering Of $1.5 Billion Convertible Senior Notes - Form 8-K

Tuesday, 29 Oct 2013 04:25pm EDT 

Sandisk Corp reported in its Form 8-K that on October 29, 2013, SanDisk Corporation completed the private offering of $1.5 billion aggregate principal amount of its 0.50% Convertible Senior Notes due 2020. The $1.5 billion aggregate principal amount of notes includes notes issued in connection with the full exercise on October 24, 2013 by the initial purchaser for the notes offering of its option to purchase up to $200.0 million principal amount of notes to cover over-allotments. The net proceeds from this offering were approximately $1.48 billion, after deducting the initial purchaser’s discounts and estimated offering expenses. As of October 29, 2013, in connection with the issuance of the notes, the Registrant entered into an Indenture with respect to the notes with The Bank of New York Mellon Trust Company, N.A., as Trustee. Under the Indenture, the notes will be senior unsecured obligations of the Registrant and will pay interest semiannually at a rate of 0.50% per annum. The notes will be convertible at an initial conversion rate of 10.8470 shares of the Registrant’s common stock per $1,000 principal amount of notes. The initial conversion price represents a premium of approximately 35% to the $68.29 per share closing price of the Registrant’s common stock on October 23, 2013. The notes will be convertible beginning on July 15, 2020, or earlier upon the occurrence of certain events. 

Company Quote

26 Dec 2014