Published on 4/4/2003 in the Prospect News Convertibles Daily.
New Issue: Yahoo! sells $750 million convertibles at 0% yield, up 68.5%
By Ronda Fears
Nashville, April 4 - Yahoo! Inc. sold $750 million of five-year convertible senior notes at par to yield 0% with a 68.5% initial conversion premium in the Rule 144A market, via sole lead manager Credit Suisse First Boston.
The overnight deal priced without a guidance range.
Terms of the deal are:
Issuer: Yahoo! Inc.
| Issue: | Convertible senior notes
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| Lead manager: | Credit Suisse First Boston
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| Amount | $750 million
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| Maturity: | April 1, 2008
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| Coupon: | 0%
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| Price: | Par
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| Yield: | 0%
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| Conversion premium: | 68.5%
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| Conversion price: | $41
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| Conversion ratio: | 24.3902
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| Call: | Non-callable
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| Contingent conversion: | 110%
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| Settlement: | April 9
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