Microchip Technology Incorporated has announced a proposed private offering of $600 million of convertible senior notes. The notes will be offered exclusively to qualified institutional buyers pursuant to Rule 144A under the Securities Act. In connection with the offering, Microchip also expects to enter into capped call transactions intended to reduce potential dilution to its common stock upon conversion of the notes. Proceeds from the offering will be used in part to pay for these capped call transactions, with the remaining funds intended to repay outstanding notes under the company’s commercial paper program. Additionally, J. Wood Capital Advisors LLC, Microchip’s financial advisor for the offering, plans to purchase up to $25 million of Microchip common stock in concurrent privately negotiated transactions.

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