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Equity Capital Markets
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Senior Vice President
InterDigital, Inc. (IDCC) has closed a $400 million offering of 2.00% Senior Convertible Notes due 2024 to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The $400 million includes $50 million aggregate principal amount of the notes issued pursuant to the full exercise of the over-allotment option. The notes will be senior unsecured obligations of InterDigital and will pay interest semi-annually in cash on June 1 and December 1 at a rate of 2.00% per year, and will mature on June 1, 2024.
Prior to March 1, 2024, the notes will be convertible only upon the occurrence of certain events and during certain periods, and thereafter, at any time until the second scheduled trading day preceding the maturity date. The notes will be convertible at an initial conversion rate of 12.3018 shares of InterDigital common stock per $1,000 principal amount of the notes, which is equivalent to an initial conversion price of approximately $81.29, which represents a 30% conversion premium to the closing sale price of $62.53 per share of InterDigital common stock on the NASDAQ Global Select Market on May 29, 2019. In addition, following certain corporate transactions that occur prior to the maturity date, InterDigital will, in certain circumstances, increase the conversion rate for a holder that elects to convert its notes in connection with such a corporate transaction. Upon any conversion, the notes will be settled in cash, shares of InterDigital's common stock or a combination thereof, at InterDigital's election.
ROTH Capital Partners acted as co-manager for the offering.
About InterDigital, Inc.
InterDigital develops mobile technologies that are at the core of devices, networks, and services worldwide. We solve many of the industry's most critical and complex technical challenges, inventing solutions for more efficient broadband networks and a richer multimedia experience years ahead of market deployment. InterDigital has licenses and strategic relationships with many of the world's leading wireless companies. Founded in 1972, InterDigital is listed on NASDAQ and is included in the S&P MidCap 400(R) index. For more information, please visit
(Source: Company Press
Release | 5/30/19)
About ROTH Capital Partners
ROTH Capital Partners, LLC (ROTH), is a relationship-driven
investment bank focused on serving emerging growth companies and
their investors. As a full-service investment bank, ROTH provides
capital raising, M&A advisory, analytical research, trading,
market-making services and corporate access. Headquartered in
Newport Beach, CA, ROTH is privately-held and employee owned, and
maintains offices throughout the U.S. For more information on ROTH,
Date of Announcement:
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