AI English summary of an SEC filing — figures as filed
Motorola Solutions MSIThe company said it agreed on February 14, 2024 to buy back the $1,000,000,000 principal amount of its 1.75% Convertible Senior Notes due 2024 from investment funds affiliated with Silver Lake Partners (the Holders).
Key points
AI summaryThe company said it agreed on February 14, 2024 to buy back the $1,000,000,000 principal amount of its 1.75% Convertible Senior Notes due 2024 from investment funds affiliated with Silver Lake Partners (the Holders).
The company said it will pay a total of $1.59 billion in cash for the 2024 Notes, including the conversion premium, and expects to pay the full amount on or before March 28, 2024.
The company said that after the purchase, no principal of the 2024 Notes will remain outstanding. It added that the 1.5 million shares related to the 2024 Notes, which had been included in its reported full-year 2023 diluted common shares outstanding, will no longer be dilutive.
Motorola Solutions said it expects to pay the cash consideration with cash on its balance sheet and short-term borrowings, including under its existing revolving credit facility. According to the press release, Greg Mondre and Egon Durban will continue to serve on the board through the current term.
Summary
AI-writtenAnalysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
Motorola Solutions to Settle 1.75% Convertible Senior Notes due 2024 Held by Silver Lake
The company said it agreed on February 14, 2024 to buy back the $1,000,000,000 principal amount of its 1.75% Convertible Senior Notes due 2024 from investment funds affiliated with Silver Lake Partners (the Holders).
Source · Based on the filing body and exhibits
Cash Consideration of $1.59 billion, Including Conversion Premium
The company said it will pay a total of $1.59 billion in cash for the 2024 Notes, including the conversion premium, and expects to pay the full amount on or before March 28, 2024.
Source · Based on the filing body and exhibits
No Principal Outstanding and 1.5 million Dilutive Shares Excluded
The company said that after the purchase, no principal of the 2024 Notes will remain outstanding. It added that the 1.5 million shares related to the 2024 Notes, which had been included in its reported full-year 2023 diluted common shares outstanding, will no longer be dilutive.
Source · Based on the filing body and exhibits
Funding Sources and Silver Lake Co-CEOs Remain on Board
Motorola Solutions said it expects to pay the cash consideration with cash on its balance sheet and short-term borrowings, including under its existing revolving credit facility. According to the press release, Greg Mondre and Egon Durban will continue to serve on the board through the current term.
Source · Based on the filing body and exhibits
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
Loading the filing text…