ASML launches €300 million convert to yield 5.375-5.875%, up 70-75%

By Ronda Fears

Nashville, May 7 - ASML Holding NV launched €300 million of seven-year convertible subordinated notes in a Regulation S offering to investors outside the U.S., via lead manager Morgan Stanley. Price talk puts the yield at 5.375% to 5.875% with the initial conversion premium at 70% to 75%.

The issue is expected to price after European markets close on Thursday.

ASML intends to use the net proceeds from the offering for general corporate purposes, which may include the pre-funding of its convertible notes that mature in 2004.

The seven-year notes will be noncallable for three years, then with a 150% threshold.

There is a €45 million greenshoe available.

Based in Veldhoven, Netherlands, ASML is a provider of lithography systems for the semiconductor industry.

ASML shares closed down 41c, or 4.23%, to $9.29.

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