New Issue: Nan Ya Plastics $200 million exchangeable into Nanya Technology yields -0.75%, up 37%

By Ronda Fears

Nashville, July 11 - Nan Ya Plastics Corp. sold $200 million of five-year 0% exchangeable bonds, which convert into Nanya Technology Corp. shares, at par to yield negative 0.75% with a 37% initial conversion premium via sole global coordinator UBS Investment Bank.

The Regulation S deal, which was launched Monday, priced at the aggressive end of guidance.

Terms of the new deal are:

Issuer: Nan Ya Plastics Corp.

Underlying shares:	Nanya Technology Corp.
Issue:	Exchangeable senior bonds
Global coordinator:	UBS Investment Bank
Joint bookrunner:	Morgan Stanley
Amount	$200 million
Greenshoe:	$40 million
Maturity:	July 17, 2008
Coupon:	0%
Price:	Par
Redemption price:	96.313
Yield:	-0.75%
Conversion premium:	37%
Conversion price:	NT$32.551
Fixed FX rate:	NT$32.38 = US$1.00
Conversion ratio:	1,056.1823
Call:	Non-callable for 3 years, then with 130% hurdle
Put:	In year 2 at 98.508
Price talk:	-0.25 to -0.75%, up 32-37%
Pricing date:	July 11
Settlement:	July 17
Distribution:	Regulation S

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