New Issue: Clear Media prices HK$312 million convertibles yield 4% up 35%

New York, Sept. 20 - Clear Media Ltd. priced HK$312 million of zero-coupon convertible bonds to yield 4% with a 35% initial conversion premium.

The convertibles were sold under Regulation S via lead manager J.P. Morgan Securities Ltd. They were not publicly offered in Hong Kong.

Clear Media, a Hong Kong advertising company, will use proceeds for general operating costs and for working capital including possible acquisitions.

Issuer:	Clear Media Ltd.
Issue:	Convertible bonds
Amount:	HK$312 million
Maturity:	2009
Coupon:	0%
Price:	Par
Redemption price:	121.899
Yield:	4%
Initial conversion premium:	35%
Conversion price:	HK$9.585
Put:	Oct. 27, 2007 at 112.616
Call:	Oct. 27, 2006 onwards at price to give yield to call of 4%
Lead manager:	J.P. Morgan Securities Ltd.
Pricing date:	Sept. 20
Settlement:	Oct. 27
Distribution:	Regulation S

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