MagnaChip Semiconductor Corporation
) recently priced a secondary offering of 1.7 million shares at
$21.20 each. The offering is expected to be complete on Sep 13,
The shares are sold by stockholders affiliated to global
investment firm Avenue Capital Management II, L.P. Consequently,
MagnaChip will not obtain any proceeds from the equity offer.
A few days back, the company had also approved a share buyback
program to repurchase up to $100 million of its common stock
during the period from Aug 5, 2013 to Dec 15, 2014.
Additionally, a few months back, MagnaChip announced a private
offering of $225 million of its 6.625% senior notes due 2021. The
notes were offered at an issue price of 99.5% of the principal
amount. The net proceeds from the offering were used to redeem
its subsidiaries' outstanding principal of $203.7 million of
10.50% senior notes, due 2018.
Based in Korea, MagnaChip designs and manufactures analog and
mixed-signal semiconductor products for high-volume consumer
applications. The company operates through three key segments:
Display Solutions, Power Solutions and Semiconductor
Manufacturing Services. Some of the products offered by the
company include flat panel displays used in LCD, light emitting
diode or LED, 3D televisions and displays as well as mobile
MagnaChip currently carries a Zacks Rank #2 (Buy). Other
stocks in the industry with the same Zacks Rank include
Microchip Technology Inc.
Monolithic Power Systems Inc
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