MagnaChip Semiconductor issues preliminary Q4 results, proposes $65M private note offering, authorizes share repurchase
- Revenue for Q4 is expected at $180M (consensus $177M) with gross profit at roughly 25%. Adjusted EBITDA is anticipated over Q3 levels. Richer-than-projected product mix and greater-than-projected foundry revenue growth are cited contributors. Full results to post February 9. [press release]
- Further announces proposal for $65M private offering of exchangeable senior notes, due 2021. Option for additional purchase of up to $9.75M aggregate principal sum noted. Proceeds intended for implementation across cost reduction program (estimated $30M-$40M), capital expenditures (estimated $15M-$20M), share repurchase (estimated up to $10M) and general corporate purposes. [press release]
- MagnaChip Semiconductor (NYSE:MX) +2.36% after hours.