By Kenneth Lim
Boston, Oct. 6 - Diodes Inc. on Thursday priced $200 million of 20-year convertible senior notes at a coupon of 2.25% and an initial conversion premium of 39.68%.
The notes were offered at par.
The price at a coupon towards the cheap end of talk, which had put it at 1.875% to 2.375%, and with an initial conversion premium richer than talk of 32.5% to 37.5%.
There is a greenshoe for a further $30 million.
UBS Securities is the bookrunner of the registered off-the-shelf offering.
The convertibles will be non-callable for the first five years, with puts in years five, 10 and 15.
There is a contingent conversion hurdle at 120% of the conversion price and contingent payment at 120% of the principal.
The convertibles will have takeover and dividend protection.
There is a net-share settlement feature.
Diodes, a Westlake Village, Calif.-based semiconductor manufacturer, said the proceeds of the deal will be used for working capital and other general corporate purposes, including acquisitions.
| Issuer: | Diodes Inc.
|
| Issue: | Convertible senior notes
|
| Bookrunner: | UBS Securities
|
| Amount: | $200 million
|
| Greenshoe: | $30 million
|
| Maturity: | Oct. 1, 2026
|
| Coupon: | 2.25%
|
| Price: | Par
|
| Yield: | 2.25%
|
| Conversion premium: | 39.68%
|
| Conversion price: | $58.50
|
| Conversion ratio: | 17.0946
|
| Contingent conversion: | 120%
|
| Contingent payment: | 120%
|
| Net-share settlement option: | Yes
|
| Dividend protection: | Yes
|
| Takeover protection: | Yes
|
| Call protection: | Non-callable before Oct. 1, 2011
|
| Puts: | Oct. 1, 2011; Oct. 1, 2016; Oct. 1, 2021
|
| Price talk: | 1.875%-2.375%, up 32.5%-37.5%
|
| Pricing date: | Oct. 5 after the close
|
| Settlement date: | Oct. 12
|
| Distribution: | Registered
|
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