BE Semiconductor to price €100 million seven-year convertibles at 2.5%-3%, up 32.5%-40%

By Stephanie N. Rotondo

Seattle, Nov. 30 – BE Semiconductor Industries NV announced plans to sell €100 million of senior unsecured convertible bonds due Dec. 2, 2023 in a press release on Wednesday.

Price talk is for a yield of 2.5% to 3% and an initial conversion premium of 32.5% to 40%.

Morgan Stanley & Co. International plc is the global coordinator and bookrunner.

Pricing is expected later Wednesday.

There is a €25 million over-allotment option.

The company can choose to redeem the issue on Dec. 23, 2020 if the stock price hits a 130% hurdle.

Proceeds will be used to continue the development of next-generation advanced packaging technologies and to further expand the company’s Asian manufacturing operations. Any remaining funds may be used for general corporate purposes, including debt retirement, acquisitions and share buybacks.

BE Semiconductors is a Duiven, the Netherlands-based semiconductor manufacturer.

© 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.