Conexant prices offering of 14 million shares at $4 each, expects $52 million in proceeds

Conexant prices stock offering at $4 per share

NEWPORT BEACH, Calif. — Chip designer Conexant Systems Inc. late Thursday said it has priced an underwritten public offering of 14 million shares at $4 apiece.

Conexant is giving the underwriters a 30-day option to buy another 2.1 million shares to cover overallotments.

The company expects proceeds of about $52 million from the offering, or $60 million if the underwriters exercise their overallotment option in full. It plans to use the proceeds, along with other funds, to repurchase its outstanding $232 million 4 percent convertible subordinated notes due 2026.

Goldman Sachs & Co. is the bookrunner and Oppenheimer & Co. Inc. is the co-manager of the offering. The offering is expected to close on March 10.