Zarlink greenshoe partially exercised, raising convertible debentures to C$78.75 million

By Devika Patel

Knoxville, Tenn., Aug. 30 - Zarlink Semiconductor Inc. announced that the underwriters of its offering of convertible unsecured subordinated debentures have partially exercised their over-allotment option and purchased an additional C$3.75 million of the notes.

As previously reported on July 30, Zarlink completed a C$75 million offering of subscription receipts. The receipts sold for C$1,000 each and were automatically exchanged for convertible debentures on Aug. 3, following the closing of Zarlink's previously announced acquisition of Legerity Holdings, Inc.

The debentures have a coupon of 6% and an initial conversion premium of 35%.

The deal was underwritten by a syndicate led by CIBC World Markets, which included National Bank Financial, RBC Capital Markets and Scotia Capital.

Zarlink is an Ottawa, Ont.-based semiconductor manufacturer

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