By Marisa Wong
Madison, Wis., July 18 - Flexium Interconnect Inc. priced $100 million of zero-coupon euro convertible bonds at par. The three-year bonds are expected to be issued on July 25, according to a Taiwan Stock Exchange notice.
The conversion price is NT$110 per share, which reflects a 3.77% premium over the July 17 closing share price of NT$106.
The bonds are callable if the closing price of the company's stock is at least 130% of the conversion price for each of the 30 consecutive trading days leading up to the call. There is also a clean-up call option.
The bonds are putable two years after the issue date at 102.01.
Yuanta Securities (HK) Co. Ltd. is the underwriter, as previously announced.
Proceeds will be used to purchase raw materials.
This is the Kaohsiung, Taiwan-based circuit board manufacturer's first issuance of zero-coupon convertibles for 2013.
Issuer: | Flexium Interconnect Inc.
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Issue: | Convertible bonds
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Amount: | $100 million
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Maturity: | July 25, 2016
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Coupon: | 0%
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Price: | Par
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Conversion premium: | 3.77%
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Conversion price: | NT$110
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Call options: | Provisionally at 130% hurdle; clean-up call
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Put: | At 102.01 two years after issue date
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Underwriter: | Yuanta Securities (HK) Co. Ltd.
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Announcement date: | July 18
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Settlement date: | July 25
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Stock symbol: | Taiwan: 6269
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Stock price: | NT$106 at close July 17
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Market capitalization: | NT$19.92 billion
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