MagnaChip Semiconductor Corporation (MX - Free Report) recently priced a secondary offering of 1.7 million shares at $21.20 each. The offering is expected to be complete on Sep 13, 2013.
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 PCs.
MagnaChip currently carries a Zacks Rank #2 (Buy). Other stocks in the industry with the same Zacks Rank include MaxLinear, Inc. (MXL - Free Report) , Microchip Technology Inc. (MCHP - Free Report) and Monolithic Power Systems Inc. (MPWR - Free Report) .