Published on 1/13/2004 in the Prospect News Convertibles Daily.
New Issue: Ability prices $70 million convertibles to yield 0%, up 26.85%
New York, Jan. 13 - Ability Enterprise Co. Ltd. priced $70 million of zero-coupon euro convertible bonds at par to yield 0% with a 26.85% initial conversion premium.
SinoPac Securities was lead manager of the deal, which was offered outside Taiwan.
The Taipei, Taiwan distributor and manufacturer of electronic products will use proceeds to buy raw materials.
| Issuer: | Ability Enterprise Co. Ltd.
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| Issue: | Euro convertible bonds
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| Amount: | $70 million
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| Coupon: | 0%
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| Price: | Par
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| Redemption price: | Par
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| Yield: | 0%
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| Conversion premium: | 26.85%
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| Conversion price: | NT$43.00 (exchange rate of NT$33.717 = $1) Subject to reset downwards every year if stock trades below conversion price, with 80% floor
|
| Call: | After two years at par subject to 130% hurdle
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| Put: | In years two and three at par
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| Pricing date: | Jan. 12
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| Lead manager: | SinoPac Securities
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