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Powerchip plans to invite holders to convert 0% bonds due 2010
By Jennifer Chiou
New York, Jan. 15 - Powerchip Semiconductor Corp. said it intends to invite holders of its $133,467,000 of zero-coupon convertible bonds due Feb. 2, 2010 to convert their securities.
The prevailing conversion price is NT$15.87 per share.
In return, the company said it will offer a cash consideration for bonds converted by 10 a.m. ET on Jan. 28.
For each $1,000 principal amount, the conversion payment will be the difference between $1,000 and the market value of the conversion shares determined using the average closing share price of the common shares over a period from Jan. 22 to Jan. 28.
Powerchip is seeking conversion notices from holders of at least 90% of the bonds, adding that it may proceed with the conversion even if that threshold is not met.
The Bank of New York Mellon is the conversion agent.
Hsinchu, Taiwan-based Powerchip makes memory products.
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