A New Sandisk Flash Convertible To Finance Fusion?

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A New Sandisk Flash Convertible To Finance Fusion?

by Wochit 0:46 mins

A New Sandisk Flash Convertible To Finance Fusion?

by Wochit 0:46 mins

Don’t be surprised to see a new billion-plus dollar convertible bond from Sandisk in the very near future. The flash memory leader announced its acquisition of Fusion IO for about $1.1 billion on Monday morning. On the related conference call, management insisted it was comfortable using existing cash balances to pay for the deal and continuing with its plan to return free cash flow to shareholders. Sandisk’s most recent convertible deal raised $1.5 billion last fall, with the company paying a mere half a percentage point while achieving a then-35% premium to the share price. Since then, Sandisk shares have appreciated about 50%.

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