04:24 PM EDT, 05/28/2024 (MT Newswires) -- Microchip Technology ( MCHP ) said Tuesday it is planning a private offering of $1.1 billion convertible senior notes due 2030.

The company said it expects to grant initial buyers a 13-day option to buy up to an additional $150 million of notes.

The company will convert notes by paying cash up to the principal amount and cash, stock, or both for any excess, Microchip added. Terms will be set at pricing.

Proceeds from the offering will be used to repay existing debt.

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