It plans to use proceeds to pay off senior notes.Anadigics (Nasdaq: ANAD) in Warren, which provides radio frequency integrated circuits, has filed a preliminary prospectus with the SEC for a secondary public offering of 9 million shares of its common stock. Credit Suisse is the lead manager for the planned offering.
Anadigics plans to use the proceeds from the stock sale to repay holders of its outstanding $46.7 million 5% convertible senior notes, which are due Nov. 16. The remainder of the proceeds will be used for capital expenditures and other general corporate purposes.
The deal underwriters were also granted the option to purchase up to 1.35 million additional shares to cover over allotments. Anadigics shares were down $0.04 to $6.46 in morning trading.