Sintek plans $120 million convertible

New York, Feb. 5 - Sintek Photronic Co. said its board of directors has authorized the issuance of up to $120 million of euro convertible bonds.

The offering will carry a zero coupon, be priced at par and mature after five years. It will have a provisional call after one year subject to a 130% hurdle.

Sintek, a Hsinchu, Taiwan, liquid crystal display maker, will use proceeds to buy machinery and equipment.

The convertibles will be sold outside Taiwan and will be listed on the Luxembourg Stock Exchange.

No underwriter was named for the issue.

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