By Kenneth Lim
Boston, April 12 - Korea's L.G. Philips LCD Co. Ltd. on Wednesday priced $450 million of five-year zero-coupon convertible unsubordinated unsecured bonds to yield 3.125% with an initial conversion premium of 40%.
There is an over-allotment option for a further $50 million.
Morgan Stanley & Co. International Ltd. was the bookrunner of the Regulation S offering.
The bonds are convertible into L.G. Philips common stock, which is listed on the Korea Exchange. The convertibles will list in Singapore.
The convertibles are non-callable for the first three years, after which they may be called subject to a hurdle at 130% of the conversion price. They may be put in the third year at 109.75% of the principal.
L.G. Philips, a Seoul, Korea-based maker of electronic display panels, said it will use the proceeds for general capital expenditures.
| Issuer: | L.G. Philips LCD Co. Ltd.
|
| Issue: | Convertible unsubordinated unsecured bonds
|
| Bookrunner: | Morgan Stanley & Co. International Ltd.
|
| Amount: | $450 million
|
| Greenshoe: | $50 million
|
| Maturity: | April 18, 2012
|
| Coupon: | 0%
|
| Price: | Par
|
| Redemption price: | 116.77%
|
| Yield: | 3.125%
|
| Conversion premium: | 40%
|
| Conversion price: | KRW 49,070
|
| Call protection: | Non-callable before April 18, 2010, thereafter callable subject to hurdle at 130% of conversion price
|
| Puts: | April 18, 2010 at 109.75% of principal
|
| Pricing date: | April 11
|
| Settlement date: | April 18
|
| Distribution: | Regulation S
|
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