New York, March 13 - ST Assembly Test Services Ltd. said it upsized its offering of five-year convertibles notes to $175 million from $150 million and priced them at a yield of 4.91% and an initial conversion premium of 20% over the S$2.84 closing price.
The Singapore-based semiconductor test and packaging company said it will use proceeds for general corporate purposes, including funding capital expenditures, acquisitions and investments.
The notes are convertible into ST Assembly's ordinary shares or American Depositary Shares, each of which represents 10 ordinary shares. ST Assembly may pay cash or stock.
Merrill Lynch & Co. was global coordinator and bookrunner for the deal, which was sold to institutional and other sophisticated investors. Co-managers were Deutsche Bank, Nomura International, Oversea-Chinese Banking Corp. Ltd. and United Overseas Bank Ltd.
| Issuer: | ST Assembly Test Services Ltd.
|
| Issue: | Convertible notes
|
| Amount: | $175 million
|
| Greenshoe: | $25 million
|
| Maturity: | 2007
|
| Coupon: | 1.75%
|
| Yield: | 4.91%
|
| Conversion price: | S$3.408 (at fixed exchange rat of S$1.8215 to $1)
|
| Call: | March 18, 2004 onwards at price giving a yield of 4.91% if shares trade at 125% of conversion price or higher
|
| Put: | March 18, 2005 at 110.081
|
| Settlement: | March 18
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
