SiTime (SITM) said Tuesday that it plans to offer $1.1 billion in convertible senior notes due 2031.

The precision timing chipmaker said underwriters will also have the option to purchase up to an additional $150 million of notes to cover overallotments.

SiTime expects to use the proceeds to pay part of the cash consideration tied to the Renesas timing business acquisition, fund capped call transactions aimed at reducing shareholder dilution, and support general corporate purposes.

The unsecured notes will mature on June 15, 2031, unless earlier converted, redeemed or repurchased, it said. Holders will be able to convert the notes into cash, shares, or a combination of both, at SiTime's election, it added.