SiTime Corporation Completes $1.35 Billion Convertible Senior Notes Offering

SiTime Corporation has successfully completed a public offering of $1.35 billion in aggregate principal amount of 0% Convertible Senior Notes due 2031. The offering included an additional $150 million in notes to cover over-allotments. The notes were issued under an indenture dated May 22, 2026, and are general unsecured obligations of the company. These notes mature on June 15, 2031, unless earlier converted, redeemed, or repurchased. Special interest may accrue under certain circumstances. The notes are convertible under specific conditions, including stock price thresholds and corporate events, or at the holder's option after March 15, 2031. The initial conversion rate is 0.9611 shares of common stock per $1,000 principal amount, equivalent to an initial conversion price of approximately $1,040.47 per share, representing a 50% premium over the May 19, 2026 stock price. The company may redeem the notes starting June 20, 2029, under certain conditions. Holders can require the company to repurchase the notes upon a fundamental change. The indenture outlines standard covenants and events of default. In conjunction with the offering, SiTime entered into capped call transactions to mitigate potential dilution. The net proceeds of approximately $1.32 billion will be used to fund capped call transactions, a portion of the acquisition of Renesas Electronics Corporation's timing business assets, and for general corporate purposes.