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Onto Innovation Plans $1.1 Billion Convertible Notes Offering

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Onto Innovation (ONTO) plans to offer $1.1 billion of convertible senior notes due 2031 in a private placement, the company said Monday.

Initial purchasers will be granted an option to buy an additional $165 million of notes.

Proceeds will be used for capped call transactions, up to $300 million in share repurchases, and general corporate purposes, including potential financing related to its planned acquisition of a 27% stake in Rigaku, the company added.

Shares of Onto Innovation were down 3.6% in Monday's premarket trading.

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