We advised Semtech on a new term loan facility, the amendment to its revolver and its issuance of convertible notes

Davis Polk advised Semtech Corporation on (i) a new five-year pro rata term loan facility of $895 million and a partial extension of its existing $600 million revolving credit facility and (ii) its Rule 144A offering of $319.5 million aggregate principal amount of its 1.625% convertible senior notes due 2027 and related call spread transaction, each in connection with its acquisition of Sierra Wireless. The convertible senior notes were issued on October 12, 2022 and October 21, 2022 and the new term loan facility and the extension of the revolving credit facility became effective on January 12, 2023 upon the closing of the acquisition.

Semtech is a leading global supplier of high performance analog and mixed-signal semiconductors and advanced algorithms for infrastructure, high-end consumer and industrial equipment. Sierra Wireless is a world leading IoT solutions provider that combines devices, network services, and software to unlock value in the connected economy.

The Davis Polk finance team included partner James A. Florack, counsel Jack Orford and associate Eric Cummings. The corporate team included partner Dan Gibbons and associates Courtney Y. Sohn and Samuel S. Vallejo. The equity derivatives team included partner Caitlin L. Wood, counsel Hanbing Zhang and associate Gregory Edgar Marchesini. Partner Kara L. Mungovan provided tax advice. Members of the Davis Polk team are based in the New York office.

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