8-KMaterial AgreementsExhibits & Filings

Keysight Technologies, Inc. 8-K Report, Material Agreement (Mar 28, 2017)

Filed March 28, 2017For Securities:KEYS

Summary

Keysight Technologies, Inc. (KEYS) filed an 8-K on March 28, 2017, reporting a material definitive agreement related to a significant equity offering. The company entered into an underwriting agreement on March 22, 2017, to sell approximately 11.4 million shares of its common stock. This offering was subsequently upsized due to the underwriters exercising their over-allotment option in full, leading to the sale of over 13.1 million shares. The primary purpose of this filing is to inform investors about the terms of this substantial stock offering, which closed on March 28, 2017. The proceeds from this offering will likely strengthen the company's balance sheet and could be used for general corporate purposes or to fund strategic initiatives, such as the contemplated merger with Ixia, for which some of the underwriters are also providing financing and advisory services.

Key Highlights

  • 1Keysight Technologies entered into an Underwriting Agreement on March 22, 2017, to sell common stock.
  • 2The initial offering was for 11,428,571 shares of common stock.
  • 3The underwriters exercised their over-allotment option in full, increasing the total shares sold to 13,142,856.
  • 4The offering was conducted under the company's effective shelf registration statement on Form S-3.
  • 5The equity offering closed on March 28, 2017.
  • 6Several major financial institutions, including Goldman, Sachs & Co. and Merrill Lynch, acted as underwriters.
  • 7Underwriters and their affiliates are also providing financing and advisory services related to Keysight's contemplated merger with Ixia.

Frequently Asked Questions

The primary purpose of this 8-K filing was to announce Keysight Technologies' entry into a material definitive agreement regarding a significant offering of its common stock to the public.

Keysight initially agreed to sell 11,428,571 shares, but after the underwriters exercised their over-allotment option, the total number of shares sold was 13,142,856.

The involvement of several underwriters and their affiliates in providing financing (credit facilities and bridge loans) and advisory services for the contemplated merger with Ixia suggests that the proceeds from this stock offering may be intended, at least in part, to support this strategic transaction.

The offering of Keysight's common stock closed on March 28, 2017.