JWCA advises indie Semiconductor on itS $150 million overnight convertible and concurrent repurchase of outstanding 2027 convertible notes

March 2026 | read press release

Transaction Background

indie Semiconductor, Inc. (“INDI” or the “Company”) successfully raised $150mm (exclusive of greenshoe) in the convertible market at attractive terms (4.00% coupon and 22.5% conversion premium)​

INDI’s objectives included:​

  • Opportunistically repurchase convertible debt to manage outstanding liabilities and capital structure​

  • Raise additional cash to balance sheet for working capital and general corporate purposes, which may include potential acquisitions​

  • Minimize market risk through confidential wall-cross​

The Company engaged J. Wood Capital Advisors to assist in the structuring, negotiation, documentation and execution of the transaction​

JWCA provided extensive analysis on deal structuring and related items, including:​

  • Refinancing tactics and capital raising alternatives​

  • Convertible structuring and execution strategy​

  • Syndicate structure and precedent data​

JWCA provided advice, support and analysis throughout the execution process​

The transaction was conducted privately using a two-day wall cross process, before launching into an overnight marketed transaction​

Results

In a period of elevated volatility and market uncertainty, INDI’s convertible offering was well received by investors:​

  • The confidential wall-cross ahead of public marketing provided the Company an opportunity to build an order book and secure interest prior to launch​

  • The order book was well-subscribed, leading to executed coupon and premium terms within the marketed ranges​

indie was able to obtain senior unsecured debt at attractive terms​

The Company successfully repurchased and retired $104mm (~80%) of existing convertible notes due 2027 at attractive terms, trading close to par​

This is JWCA’s third advisory assignment for the Company, after advising on INDI’s convertible issuance in 2024 and convertible repurchase in 2025