Simpson Thacher represented the underwriters, led by Morgan Stanley & Co. LLC and UBS Securities LLC as representatives, in connection with the registered follow-on offering of 10,496,032 shares of common stock by Semtech Corporation (“Semtech”), which includes the exercise in full of the underwriters’ option to purchase additional shares. The size of the offering was increased from the initially announced $400 million of shares of common stock. The offering raised approximately $661 million in gross proceeds.
Semtech intends to use the net proceeds from the offering for the prepayment of revolving loans and term loans outstanding under the Company’s senior credit facility.
Semtech is a high-performance semiconductor, IoT systems and cloud connectivity service provider dedicated to delivering high-quality technology solutions that enable a smarter, more connected and sustainable planet. Its global teams are committed to empowering solution architects and application developers to develop breakthrough products for the infrastructure, industrial and consumer markets.
The Simpson Thacher team for the transaction included Roxane Reardon, Kirsten Harmon and Joann Kim (Capital Markets); Jonathan Cantor and Andrew Mandelbaum (Tax); Pasco Struhs (Executive Compensation and Employee Benefits); Tim Gallagher (Real Estate); Kate Mirino (Intellectual Property); and Jennie Getsin (FINRA and Blue Sky).