ASM upsizes convertibles to $75 million, yields 5.25%, up 40%

Nashville, April 28 - ASM International NV upsized its offering of seven-year convertibles notes to $75 million and priced it to yield 5.25% with a 40% initial conversion premium, at the aggressive end of guidance.

The Rule 144A deal, via lead manager Morgan Stanley, was announced at $60 million earlier Monday.

Talk for the offering put the yield at 5.25% to 5.75% and the initial conversion premium at 35% to 40%.

There is a $15 million greenshoe.

The seven-year notes will be noncallable for three years, then with a 150% hurdle.

The Bilthoven, Netherlands-based semiconductor firm said it plans to use proceeds to repay short-term debt and for general corporate purposes.

The conversion price was fixed at $19.222 or a ratio of 52.0237.

ASM shares closed in the U.S. on Monday up 20 cents, or 1.48%, to $13.73

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