Why Violin Memory (VMEM) Stock Is Up Today

NEW YORK (TheStreet) -- Violin Memory (VMEM) was gaining 5.4% to $4.65 Friday after pricing its offering of convertible senior notes due 2019.

The semiconductor company announced it will offer $105 million aggregate principal amount of convertible senior notes due 2019 in a private placing. The initial purchaser of the notes will have an option to buy up to an additional $15 million aggregate principal amount of notes to cover over-allotments.

Violin Memory expects net proceeds of about $100.8 million from the offering. The company plans to use the proceeds from the offering for general corporate purposes which include working capital and repaying outstanding amounts owed under its credit agreement with Silicon Valley Bank.

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VMEM Chart VMEM data by YCharts

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Strong On High Relative Volume: Violin Memory (VMEM)