SMART Global Holdings Announces Issuance of $175M Convertible Senior Notes

Details

issued $175.0 million aggregate principal amount of its 2.00% Convertible Senior Notes due 2030. The notes are convertible into cash and, if applicable, the Company's ordinary shares. The Company used approximately $100.6 million of the net proceeds to repurchase existing 2.25% convertible senior notes due 2026, $14.3 million to pay the cost of capped call transactions, and the remaining net proceeds to repay certain amounts under its term loan credit facility. The notes bear interest at a rate of 2.00% per annum and mature on August 15, 2030. The initial conversion rate is 35.7034 ordinary shares per $1,000 principal amount of notes, representing an initial conversion price of approximately $28.01 per ordinary share.

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