Press release
Camtek Announces Pricing of Upsized Private Offering of $175 Million of 0% Convertible Senior Notes due 2026
MIGDAL HAEMEK, Israel, Nov. 18, 2021 /PRNewswire/ -- Camtek Ltd. (Nasdaq: CAMT; TASE: CAMT), a leading manufacturer of metrology and inspection equipment for
About this update from Camtek Ltd.
[{"type":"text","content":"MIGDAL HAEMEK, Israel, Nov. 18, 2021 /PRNewswire/ -- Camtek Ltd. (Nasdaq: CAMT; TASE: CAMT), a leading manufacturer of metrology and inspection equipment for the semiconductor industry, announced today the pricing of $175 million aggregate principal amount of 0% Convertible Senior Notes due 2026 (the \"Notes\") in a private offering (the \"Offering\") to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the \"Securities Act\"). The offering was upsized from the previously announced $140 million aggregate principal amount of the Notes. In addition, Camtek has granted to the initial purchasers of the Notes an option to purchase, for settlement within a 13-day period beginning on, and including, the date on which the Notes are first issued, up to an additional $25 million aggregate principal amount of the Notes. The sale of the Notes to the initial purchasers is expected to close on November 23, 2021, subject to customary closing conditions. \nThe Notes will not bear regular interest, and the principal amount of the Notes will not accrete. The Notes will mature on December 1, 2026, unless earlier repurchased, redeemed or converted in accordance with their terms prior to such date. \nThe Notes will be convertible based on an initial conversion rate of 17.1092 ordinary shares per $1,000 principal amount of notes, equivalent to an initial conversion price of approximately $58.45 per ordinary share, which represents a conversion premium of approximately 30% to the last reported sale price of Camtek's ordinary shares on The Nasdaq Global Market on November 18, 2021. The conversion rate is subject to adjustment if certain events occur. Prior to the close of business on the business day immediately preceding August 1, 2026, the Notes will be convertible at the option of the holders of Notes only upon the occurrence of certain events, the satisfaction of certain conditions and during certain periods. On or after August 1, 2026 and until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their notes at any time irrespective of the foregoing conditions. The Notes will be convertible into cash, ordinary shares of Camtek or a combination thereof, with the form of considerat...