Nashville, Dec. 1 - ASM International NV sold $125 million of seven-year convertible subordinated notes on Wednesday to yield 4.25% with a 35% initial conversion premium via sole bookrunner Lehman Brothers Inc.
The Rule 144A/Regulation S deal, which was launched early Wednesday to price at 11:30 a.m. ET after the Dutch market close, was sold at the cheap end of yield talk for a 3.75% to 4.25% coupon but aggressively outside premium guidance of 27.5% to 32.5%.
Late in the day, the company said the $25 million greenshoe had been exercised, raising the size of the deal to $150 million.
The Netherlands-based semiconductor circuitry maker said it would use proceeds to redeem its $115 million of 5% convertible subordinated notes due November 2005, either by purchase in the open market or at maturity, and for other general corporate purposes
Terms of the deal are:
| Issuer: | ASM International NV
|
| Issue: | Convertible subordinated notes
|
| Reference shares: | U.S. or Dutch shares, at holder's option
|
| Bookrunner: | Lehman Brothers Inc.
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| Amount: | $125 million
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| Greenshoe: | $25 million
|
| Maturity: | Dec. 6, 2011
|
| Coupon: | 4.25%
|
| Price: | Par
|
| Yield: | 4.25%
|
| Conversion premium: | 35% over intraday U.S. stock price of $15.42
|
| Conversion price: | $20.82 in U.S. shares
|
| Conversion ratio: | 48.0307 in U.S. shares
|
| Contingent conversion: | No
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| Contingent payment: | No
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| Net share settlement: | Yes
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| Dividend protection: | Yes
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| Takeover protection: | Yes
|
| Call: | Non-callable for 3 years, then with 130% hurdle
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| Put: | None
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| Price talk: | 3.75-4.25%, up 27.5-32.5%
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| Pricing date: | Dec. 1, after Euronext Amsterdam market close
|
| Settlement date: | Dec. 6
|
| Distribution: | Rule 144A/Regulation S
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