Solar Applied Materials cuts conversion price on convertibles due 2016

By Marisa Wong

Madison, Wis., Aug. 2 - Solar Applied Materials Technology Corp. said it will adjust the conversion price on its 0% convertible bonds due 2016.

The conversion price will be lowered to NT$60.66 from NT$64.14, effective Aug. 11.

The price was previously lowered from NT$72.43 on Aug. 31, 2012 and from NT$93.056 on Aug. 14, 2011.

Solar issued $115 million of the first issue convertible bonds in July 2011 and repurchased a total of $24.2 million of the bonds between Nov. 7, 2011 and June 17.

The Tainan City, Taiwan-based company makes high-technology metals and rare materials for coating metal disks like CDs and DVDs.

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