超微想通过可转换债务筹集20亿美元，股票因稀释担忧而下跌-动脉网

Supermicro Wants To Raise $2 Billion Via Convertible Debt, Stock Falls On Dilution Concerns

benzinga 等信源发布 2025-06-23 10:27

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Super Micro Computer

超微电脑

SMCI

超微电脑公司

on Monday announced that it intends to raise $2 billion via debt by offering

周一宣布，计划通过提供债务融资筹集20亿美元。

convertible senior notes

可转换高级票据

due 2030.

2030年到期。

The offering size is equivalent to 7.4% of the company’s market cap of $27.05 billion.

发行规模相当于该公司270.5亿美元市值的7.4%。

The company also expects to grant the initial purchasers an option to purchase up to an additional $300.0 million aggregate principal amount of the convertible notes within 13 days.

公司还预计将授予初始购买者一项期权，使其可在 13 天内额外购买本金总额高达 3 亿美元的可转换票据。

Also Read:

另请阅读：

Dell, Hewlett Packard, Super Micro Set To Benefit From Nvidia’s AI Chip Ramp

戴尔、惠普、超微将从英伟达的人工智能芯片增长中受益

How Will $2 Billion Debt Be Used?

20亿美元的债务将如何使用？

The convertible notes will accrue interest payable semi-annually in arrears and mature on June 15, 2030.

可转换债券将按半年计息，到期支付，并于2030年6月15日到期。

In connection with the pricing of the convertible notes, the company expects to enter into privately negotiated capped call transactions to manage the potential dilution of their existing shareholders.

与可转换票据的定价相关，公司预计将通过私下协商的方式进行封顶看涨期权交易，以管理对现有股东的潜在稀释。

The company expects to use a portion of the net proceeds to fund the cost of entering into the capped call transactions.

公司预计将利用部分净收益来支付进入上限买入期权交易的成本。

Also, roughly $200.0 million of the net proceeds will be used to repurchase shares of its common stock from purchasers of the convertible notes concurrently with the pricing of the offering in privately negotiated transactions.

此外，大约2亿美元的净收益将用于在定价的同时通过私下协商交易从可转换债券购买者手中回购其普通股股票。

The rest will be used for general corporate purposes, including to fund working capital for growth and business expansion. Since the debt is convertible, it will trigger stock dilution for existing shareholders.

其余部分将用于一般公司用途，包括为增长和业务扩展提供营运资金。由于债务是可转换的，它将触发现有股东的股票稀释。

Why It Matters

重要的原因

As of March 31, 2025, Supermicro held $2.54 billion in

截至2025年3月31日，Supermicro持有25.4亿美元

cash and equivalents

现金及等价物

, and total bank debt and convertible notes were $2.49 billion.

，银行债务和可转换票据总计为 24.9 亿美元。

In August 2024, Hindenburg published a short report accusing Super Micro Computer

2024年8月，兴登堡发布了一份做空报告，指责超微电脑公司。

of “accounting manipulation,”

“会计操纵”，

sibling self-dealing, and sanctions evasion.

兄弟姐妹自我交易和逃避制裁。

In December 2024, the

2024年12月，

company announced the

公司宣布了

completion of an independent review conducted by an Independent Special Committee, which gave the company a clean chit.

由独立特别委员会进行的独立审查完成，该委员会给予了公司清白的认可。

Super Micro Computer stock has

超微电脑股票

lost over

丢失超过

45% in the past year. In its latest earnings, the company missed revenue and margin estimates, citing delays tied to next-gen AI platform transitions and inventory pressures.

过去一年中增长了45%。在最近的财报中，该公司未能达到收入和利润率预期，原因是与下一代人工智能平台转型相关的延迟以及库存压力。

CNBC Mad Money host

CNBC《疯狂金钱》主持人

Jim Cramer

吉姆·克拉默

slammed Super Micro Computer

猛烈抨击超微电脑公司

，

citing irregularities in its

引用其中的违规行为

accounting, following a barrage of issues it has faced since June 2024.

会计，自2024年6月以来，它面临了一系列问题。

In May,

五月，

Raymond James

雷蒙德詹姆斯

analyst initiated coverage on

分析师开始覆盖

Super Micro Computer, saying AI platforms constitute approximately 70% of Supermicro’s revenue, positioning it as a dominant player among branded server vendors.

超微电脑表示，人工智能平台约占超微收入的70%，使其在品牌服务器供应商中占据主导地位。

Raymond James noted that Supermicro has effectively positioned itself with traditional branded IT vendors.

Raymond James 指出，Supermicro 已有效地将自己定位在传统品牌 IT 供应商之列。

Price Action:

价格行为：

SMCI shares were trading lower by 6.00% to $42.56 at last check Monday.

周一最后一次检查时，SMCI股价下跌6.00%，至42.56美元。

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