Microchip Technology $1.485 billion convertible preferred stock offering
The company issued depositary shares each representing a 1/20th interest in a share of its convertible preferred stock
Davis Polk advised the representatives of the several underwriters in connection with the $1.485 billion SEC-registered offering of 29,700,000 depositary shares by Microchip Technology Incorporated, including the full exercise by the underwriters of their over-allotment option to purchase 2,700,000 additional depositary shares. Each depositary share represents a 1/20th interest in a share of Microchip Technology Incorporated’s 7.50% Series A mandatory convertible preferred stock.
Headquartered in Chandler, Arizona, Microchip Technology Incorporated develops, manufactures and sells specialized semiconductor products used by its customers for a wide variety of embedded control applications.
The Davis Polk corporate team included partners Alan F. Denenberg and Emily Roberts and associates Elsie Cheang and Shiqi Xiao. The equity derivatives team included partner Mark J. DiFiore, counsel Gregory E. Marchesini and associates Richard Stockton Bullitt and Eugenia S. Lee. The tax team included partner Patrick E. Sigmon. Partner Frank Azzopardi provided intellectual property advice. Members of the Davis Polk team are based in the Northern California and New York offices.