Lattice Semiconductor $200 million overnighter talked to yield 0%, up 38-43%

By Ronda Fears

Nashville, June 16 - Lattice Semiconductor Corp. launched an overnight deal for $200 million of 0% convertibles with proceeds earmarked to redeem its 4.75% convertible due 2006.

The new zeros, to be sold at par, are talked to price with a 38% to 43% initial conversion premium.

Goldman Sachs & Co. is sole bookrunner for the Rule 144A deal.

The seven-year subordinated notes will be non-callable for five years and there is a contingent conversion trigger of 110%.

There is a $30 million greenshoe available.

Lattice said proceeds would be used to redeem the existing convertibles, with an estimated $172.3 million outstanding, for working capital and other general corporate purposes.

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