New York, Jan. 23 - Siliconware Precision Industries Co. Ltd. said it priced $175 million principal amount of zero-coupon convertible bonds at par to yield 2.25% with an initial conversion premium of 15%.
The Taichung, Taiwan semiconductor packaging and testing company said the offering was 13 times oversubscribed in just four hours of marketing. It added that the security is the first convertible by a Taiwanese company this year.
The bonds convert into either ordinary shares or America Depositary Receipts at the holder's option.
Morgan Stanley was bookrunner.
| Issuer: | Siliconware Precision Industries Co. Ltd.
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| Amount: | $175 million (principal)
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| Maturity: | January 2007
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| Coupon: | 0%
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| Price: | 100
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| Yield: | 2.25%
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| Initial conversion premium: | 15% over closing price of NT$28.6 on Jan. 21
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| Call: | July 2004 onwards subject to 130% hurdle
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| Put: | July 2004
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| Ratings: | Standard & Poor's: BB-
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| End
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