- Veeco Instruments (NASDAQ:VECO -6.2%) has priced an upsized offering of convertible senior debt.
- A planned $200M offering was boosted to $300M in 2.7% convertible senior notes due 2023. Underwriters have a 30-day option to buy up to an additional $45M to cover overallotments.
- The initial conversion rate of the notes is 24.98 shares of stock per $1,000 principal; that comes to $40.03/share, vs. today's closing price of $27.80.
- Net proceeds to Veeco are about $291.5M. The offering is expected to close next Wednesday.
- Shares had hit a 52-week high on Dec. 21; shares are off 8.7% since then.