New York, Dec. 8 - Phihong Technology Co. Ltd. said it priced $30 million of five-year 0% euro convertible bonds at par with a 3.8% initial conversion premium.
The convertibles were offered in Europe and Asia.
Taiwan-based Phihong will use proceeds to pay the put on its outstanding convertibles and to buy raw materials.
Holders have dividend protection.
| Issuer: | Phihong Technology Co. Ltd.
|
| Issue: | Euro convertible bonds
|
| Amount: | $30 million
|
| Maturity: | 5 years
|
| Coupon: | 0%
|
| Price: | Par
|
| Redemption price: | Par
|
| Conversion premium: | 3.8%
|
| Conversion price: | NT$22
|
| Call: | After two years at par, subject to 130% hurdle
|
| Put: | After two years at 103.23 and three years at 104.88
|
| Pricing date: | Dec. 5
|
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