Solar Applied Materials buys back $7 million 0% convertible bonds

By Jennifer Chiou

New York, Nov. 7 - Solar Applied Materials Technology Corp. said it repurchased $7 million of its 0% five-year convertible notes in the open market.

The acquired bonds were canceled.

As announced in August, the company lowered the conversion priced of its then-outstanding $115 million of bonds to NT$72.43 from NT$93.056, effective Aug. 14.

The company priced the zero-coupon convertibles at par on July 11 with an initial conversion premium of 28% over the closing price of NT$72.70 on July 8.

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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