By Rebecca Melvin
Princeton, N.J., Oct. 25 - Taiwan's Catcher Technology Co. Ltd. priced $80 million five-year convertible bonds to yield 0% with an initial conversion premium of 105.1%, according to a news release.
The bonds have contingent conversion if Catcher Technology's shares close at 130% or more of the prevailing conversion price for 20 consecutive trading days.
The bonds also have a put in year two at 103% of the principal amount.
Proceeds of the offering will be used for overseas investment and repayment of domestic corporate bonds.
Catcher Technology, based in Yungkang City, Taiwan, makes hard disk parts, aluminum alloy die castings, parts for the computer and automotive industries, and sporting goods.
| Issuer: | Catcher Technology Co. Ltd.
|
| Issue: | Convertible bonds
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| Amount: | $80 million
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| Maturity: | Oct. 25, 2010
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| Coupon: | 0%
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| Price: | Par
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| Yield: | 0%
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| Put feature: | In year two at 103%
|
| Conversion premium: | 105.1%
|
| Conversion price: | NT$216.00
|
| Conversion ratio: | 4.6296
|
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