By Dean Seal

Shares of Semtech fell to an eight-year low after the company said it plans to offer $250 million in notes through a private placement.

The stock was down more than 20% at a low of $15.77 in early trading. Shares have fallen 45% year-to-date and haven't traded this low since 2015.

The semiconductor and cloud-software maker said early Thursday that it intends to offer $250 million in aggregate principal amount of convertible senior notes due 2028.

After paying off the costs of the private placement, the proceeds will be used to prepay term loans outstanding under Semtech's current senior credit facilities.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

October 19, 2023 10:13 ET (14:13 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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