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 under Rule 144A of the Securities Act and will not be registered under the Securities Act or any other jurisdiction’s securities laws. Shares of common stock potentially issuable upon conversion of the notes will also be unregistered. Microchip intends to use a portion of the net proceeds to pay for capped call transactions to reduce potential dilution upon conversion and to repay outstanding notes under its commercial paper program. Additionally, J. Wood Capital Advisors LLC, acting as the company’s financial advisor, plans to purchase up to $25 million of Microchip’s common stock in privately negotiated transactions with institutional investors in connection with the offering.

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