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ProMOS' convertible tender closing delayed while banks examine company
New York, April 2 - ProMOS Technologies Inc. said that closing of its tender offer for its $350 million of zero-coupon convertible bonds due 2012 has been delayed to give the company's syndicate banks time to "further assess recent developments at the company and the DRAM industry."
Settlement had been scheduled for Friday.
ProMOS said it had been "working diligently to meet all requests and draw down conditions" from the banks.
It noted that if the tender does not close by April 17 then bondholders will receive a second put right for their bonds on May 29.
ProMOS announced on March 30 that it had received an 80.34% response in its tender offer.
The total includes bonds tendered, bonds for which previously exercised puts were revoked and the bonds not tendered, and bonds for which the puts were not exercised and the bonds not tendered.
Excluded is the 12% of the bonds held by banks in ProMOS' lending syndicate.
The company added in its announcement that it will be able to settle the offer at $250 per $1,000 principal amount, with an expected closing date of April 3.
Funding for the tender will come from the new NT$3 billion syndicated loan facility arranged by Bank of Taiwan and secured against assets with a book value of NT$15 billion.
The dealer manager is Citigroup Global Markets Inc. (call Pamela Yeung at +852 2501 2695 or Timothy Wee at +852 2501 2134 or e-mail promos.tender.offer@citi.com). The information and tender agent is Bank of New York Mellon (fax 44 20 7964 6369 / 65 6883 0338 or e-mail gtsaprm@bnymellon.com with copy to gtsapta@bnymellon.com).
ProMOS is a Hsin-chu, Taiwan-based chipmaker.
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