By Rebecca Melvin
New York, Nov. 3 - ASM International NV priced €150 million of five-year convertible bonds on Tuesday at par to yield 6.5% with an initial conversion premium of 30%, according to a news release.
The Regulation S offering priced at the rich end of talk for the coupon, which was 6.5% to 7.5%, and toward the rich end of talk for the premium, which was 25% to 32.5% over the volume weighted average price of ASM shares on the Euronext Amsterdam Stock Exchange from launch to pricing.
The issue was sold via Morgan Stanley & Co. International plc and Rabo Securities / KBC Financial Products as joint bookrunners.
The bonds will be non-callable for three years and then provisionally callable at price trigger of 130%.
Settlement of the bonds is set for Nov. 6. ASM plans to list the bonds on the Luxembourg EuroMTF Market within six months of settlement.
Proceeds will be used to for general corporate purposes and to extend its debt maturity profile. Some proceeds will be used to buy back outstanding convertible bonds due 2010 and 2011 subject to favorable pricing.
The company is also considering additional measures to limit dilution to its existing shareholders from any conversions under the outstanding 2010 and 2011 convertible bonds.
Almere, the Netherlands-based ASM is a supplier of semiconductor process equipment.
| Issuer: | ASM International NV
|
| Issue: | Convertible senior unsecured bonds
|
| Amount: | €150 million
|
| Maturity: | 2014
|
| Bookrunners: | Morgan Stanley & Co. International plc and Rabo Securities / KBC Financial Products
|
| Coupon: | 6.5%
|
| Price: | Par, $1,000
|
| Yield: | 6.5%
|
| Conversion premium: | 30%
|
| Conversion price: | €17.09
|
| Call protection: | Non-callable for three years, then provisionally callable at a price trigger of 130%
|
| Price talk: | 6.5%-7.5%, up 25%-32.5%
|
| Pricing date: | Nov. 3
|
| Settlement date: | Nov. 6
|
| Distribution: | Regulation S
|
| Stock symbol: | Euronext Amsterdam: ASM
|
| Stock reference price: | €13.135
|
| Market cap: | €712.9 million
|
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