- GT Advanced (GTAT) is issuing $125M worth of convertible senior notes due 2020, and 12M shares (worth $114M at current levels). Underwriters will have overallotment options to purchase another $18.75M in debt and 1.8M shares. (PR)
- GT only says it will use the proceeds for "working capital and general corporate purposes, which may include the acquisition of companies or businesses and capital expenditures."
- But it's hard to overlook the fact the offering follow GT's massive sapphire supply deal with Apple, which calls on GT to install and run sapphire furnaces at an Apple facility. Apple is providing GT with a $578M prepayment as part of that deal.
- GT ended Q3 with $258.5M in cash/equivalents, and over $252M in debt.
From other sites
at CNBC.com (Dec 17, 2014)
at CNBC.com (Nov 6, 2014)
Video at CNBC.com (Nov 6, 2014)
at CNBC.com (Nov 5, 2014)
at CNBC.com (Oct 22, 2014)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs