By Sara Rosenberg
New York, April 30 - DuPont Photomasks Inc. priced an upsized $105 million offering of convertible subordinated notes due 2008 after the close Tuesday.
The deal was priced to yield 1.25% with a conversion price of $25.60, 36% above the stock closing level of $18.83.
The yield was in the middle of talk released earlier in the day of 1% to 1.5% while the conversion premium was at the cheap end of talk of 36% to 40%.
The original announced size of the offering was $100 million.
Lehman Brothers and Credit Suisse First Boston are the lead managers on the Rule 144A offering.
The convertibles are non-callable.
There is a $20 million greenshoe.
The Round Rock, Texas manufacturer of photomasks said that proceeds will be used for general corporate purposes, and may also be used to acquire additional businesses, products, and technologies and to invest in joint ventures. Furthermore, proceeds may also be used to repurchase or repay the company's outstanding convertible subordinated notes due 2004.
Terms of the new deal are:
| Issuer: | DuPont Photomask Inc.
|
| Issue: | Convertible subordinated notes
|
| Amount: | $105 million
|
| Greenshoe: | $20 million
|
| Lead manager: | Lehman Brothers and Credit Suisse First Boston
|
| Maturity date: | April 29, 2008
|
| Coupon: | 1.25%
|
| Issue price: | Par
|
| Yield: | | 1.25%
|
| Conversion premium: | 36%
|
| Conversion price: | $25.609
|
| Conversion ratio: | 39.049
|
| Call: | Non-callable
|
| Settlement date: | May 5, 2003
|
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