JWCA advises indie Semiconductor on the repurchase of $30mm convertible notes for cash at a meaningful discount to par

jUNE 2025 | read press release

Transaction Background

In June 2025, JWCA advised indie (the “Company”) on the cash repurchase of $30mm of its outstanding 2027 convertible notes at a significant discount to par

indie’s objectives included:

  • De-lever: retire a portion of the convertible to reduce the Company’s total debt balance

  • Minimize transaction and friction costs; execute as efficiently as possible

  • Capture a sizeable yield-to-maturity by purchasing the notes at a meaningful discount, while also saving a significant amount of cash at maturity

In its role as Repurchase Agent for the transaction, JWCA provided the following support for the Company:

  • Provided analysis and advice around tactics related to investor targeting and engagement

  • Led the investor outreach, negotiation, and execution of repurchases

  • Assisted the Company with the analysis of convertible economics and pricing dynamics

Results

indie executed a successful liability management transaction for its 4.5% coupon convertible notes due 2027:

  • Repurchased $30mm face amount of its 4.5% convertible notes due 2027 in exchange for ~$27mm in cash (~13.5% discount to par, generated nearly $6mm of net cash and ~11% YTM)

  • This is JWCA’s second advisory assignment for indie. JWCA previously advised indie in 2024 on its convertible issuance of the Company’s outstanding 3.5% convertible notes due 2029.