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Prospect News home > News index > List of issuers T > Headlines for Tenders 2009 > News item |
Powerchip resets conversion price, extends offer for 0% convertibles
By Jennifer Chiou
New York, June 26 - Powerchip Semiconductor Corp. said it obtained the necessary shareholder approval for the conversion price reset of its $157.85 million of zero-coupon convertible bonds due June 17, 2009.
The reset price was determined to be NT$5.25.
Powerchip also said that it is extending the conversion deadline on the notes to 10 a.m. ET on July 3 from June 25.
The company previously announced that it obtained conversion notices from holders of 95.4% of the bonds. It again said that it is encouraging the rest of its bondholders to convert, adding that if all bonds are converted, it will be able to file an application for resumption of normal trading of its common shares.
The conversion price had been temporarily reset downward so that holders who converted under the invitation would receive common shares with a market value of $600 per $1,000 principal amount of bonds converted.
Bondholders also received $400 in cash per $1,000 principal amount of bonds converted.
Hsinchu, Taiwan-based Powerchip makes memory products.
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