Camtek plans $400 million convertible debt offering

Camtek Ltd. (NASDAQ: CAMT) announced its intention to offer $400 million in convertible senior notes due 2030 through a private placement to qualified institutional buyers. The semiconductor inspection equipment manufacturer also plans to grant initial purchasers an option to buy an additional $60 million of the notes.

The zero-coupon notes will mature on September 15, 2030, and will be convertible into cash, Camtek ordinary shares, or a combination thereof at the company's discretion. Prior to June 15, 2030, the notes will only be convertible under specified conditions, after which holders may convert at any time until maturity.

Camtek may redeem the notes early under certain circumstances, including after September 20, 2028, if its share price reaches at least 130% of the conversion price for a specified period. The company can also redeem all notes if certain tax-related events occur.

The company stated it intends to use proceeds to repurchase a portion of its existing 0% convertible notes due 2026 through negotiated transactions with current holders. Remaining funds will support general corporate purposes including potential acquisitions, working capital, capital expenditures, investments and research and development.

The offering is subject to market conditions and will be conducted under Rule 144A of the Securities Act of 1933. The notes and any shares issued upon conversion will not be registered under federal securities laws.

Camtek develops and manufactures inspection and metrology equipment for semiconductor production, serving markets including advanced packaging, memory, image sensors and compound semiconductors. The company operates manufacturing facilities in Israel and Germany with eight offices worldwide.

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