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Kulicke and Soffa talks $100 million five-year convertibles at 0.75%-0.875%, up 50%, reoffered at 98-98.5
By Kenneth Lim
Boston, May 30 - Kulicke and Soffa Industries Inc. plans to price $100 million of five-year convertible subordinated notes on Thursday after the market closes, talked at a reoffered priced of 98 to 98.5 with a coupon of 0.75% to 0.875% and an initial conversion premium of 50%, market sources said.
There is an over-allotment option for a further $10 million.
Banc of America is the bookrunner of the Rule 144A offering.
The convertibles will be non-callable and may not be put.
There will be a contingent conversion trigger at 130% of the conversion price.
The convertibles will have dividend and takeover protection.
Kulicke and Soffa, a Fort Washington, Pa.-based maker of semiconductor equipment and packaging materials, said it will buy back up to $40 million of its common stock concurrently with the offering and use the remaining proceeds to retire part of its outstanding 0.5% convertible subordinated notes due 2008.
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