By Sara Rosenberg
New York, April 29 - ASM International NV sold an upsized offering of $75 million seven-year convertible subordinated notes at par for a yield to maturity of 5.25% and a 40% initial conversion premium, at the aggressive end of guidance.
The Rule 144A deal, via lead manager Morgan Stanley, was originally anticipated to be sized at $60 million.
Guidance 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 redeemable at par 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.
Terms of the new deal are:
| Issuer: | ASM International NV
|
| Amount: | $75 million
|
| Greenshoe: | $15 million
|
| Lead manager: | Morgan Stanley
|
| Maturity date: | May 9, 2010
|
| Coupon: | 5.25%
|
| Issue price: | Par
|
| Yield-to-maturity: | 5.25%
|
| Conversion premium: | 40%
|
| Conversion price: | $19.222
|
| Conversion ratio: | 52.024
|
| Call: | Non-callable for three years, then at par subject to 150% hurdle
|
| Put: | Non-putable
|
| Expected rating: | S&P: B-
|
| Settlement date: | May 6
|
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