TCL greenshoe fully exercised for zero coupon convertibles, raising issue to $45 million

By Susanna Moon

Chicago, June 1 - TCL Communication Technology Holdings Ltd. said that DBS Bank Ltd. has exercised the over-allotment option for $18 million in convertible bonds, expected to be issued Friday.

The underwriters exercised the option under terms of the issuance of zero coupon bonds due 2012.

The company issued $27 million in convertibles on April 2, with an option to issue up to $18 million additional convertibles. Bonds can be converted to shares at a rate of HK$0.3275 per share.

TCL Communication is based in Shenzhen, China and designs and manufactures mobile handsets.

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