Press release
Camtek Announces Proposed Private Offering of $140 Million of Convertible Senior Notes due 2026
MIGDAL HAEMEK, Israel, Nov. 17, 2021 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), a leading developer and manufacturer of high-end inspection and
About this update from Camtek Ltd.
[{"type":"text","content":"MIGDAL HAEMEK, Israel, Nov. 17, 2021 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), a leading developer and manufacturer of high-end inspection and metrology equipment for the semiconductor industry, announced today its intention to offer, subject to market conditions and other factors, $140 million aggregate principal amount of Convertible Senior Notes due 2026 (the \"Notes\") in a proposed 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\"). In addition, Camtek expects to grant 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 $20 million aggregate principal amount of the Notes. \nThe final terms of the Notes, including the initial conversion price, the interest rate and certain other terms, will be determined at the time of pricing of the Offering. When issued, the Notes will be senior, unsecured obligations of Camtek. The Notes will mature on December 1, 2026, unless earlier repurchased, redeemed or converted in accordance with their terms prior to such date. 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 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 consideration determined at Camtek's election.\nCamtek may not redeem the Notes prior to December 6, 2024, except in the event of certain tax law changes. On or after December 6, 2024, Camtek may any time and from time to time redeem for cash all or part of the Notes (subject to certain partial redemption limitations), at Camtek's option, if the last reported sale price of Camtek's ordinary shares has been at least 130% of the conversion price then in effect for at least 20...