New York, Jan. 9 - Asustek Computer Inc. priced $320 million 0% euro convertible bonds at 100.5 to yield negative 1% with a 32.5% initial conversion premium.
The five-year bonds are redeemable at 95.5745 at maturity.
Holders will have dividend protection through an adjustment to the conversion ratio.
Asustek offered the securities in Europe and Asia.
The Taipei, Taiwan, motherboard and notebook computer maker will use proceeds to buy raw materials.
Issuer: | Asustek Computer Inc.
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Issue: | Euro convertible bonds
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Amount: | $320 million principal, $321.6 million proceeds
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Maturity: | Jan. 15, 2009
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Coupon: | 0%
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Price: | 100.5
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Redemption price: | 95.5745
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Yield: | -1%
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Conversion premium: | 32.5%
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Conversion price: | NT$100.86 (Adjustable at issuer's option to 92.3% of market price, 93.23% and 95.12% ahead of put dates and maturity)
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Call: | After two years at par subject to 120% hurdle
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Put: | After two years at 98.5001, after three years at 97.5150
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Pricing date: | Jan. 9
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Settlement date: | Jan. 15
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