Onto Innovation Prices $1.3 Billion Convertible Note; Shares Slip on Deal Details
Onto Innovation priced $1.3 billion of convertible senior notes due 2031, boosting the size from an earlier $1.1 billion announcement. The offering, which carries an initial conversion price about 50% above the May 18 closing share price, sent the stock lower on Tuesday. Net proceeds will fund capped call transactions, a planned share repurchase, a…