Published on 7/11/2003 in the Prospect News Convertibles Daily.
New Issue: Nan Ya Plastics $200 million exchangeable into Nanya Technology yields -0.75%, up 37%
By Ronda Fears
Nashville, July 11 - Nan Ya Plastics Corp. sold $200 million of five-year 0% exchangeable bonds, which convert into Nanya Technology Corp. shares, at par to yield negative 0.75% with a 37% initial conversion premium via sole global coordinator UBS Investment Bank.
The Regulation S deal, which was launched Monday, priced at the aggressive end of guidance.
Terms of the new deal are:
Issuer: Nan Ya Plastics Corp.
Underlying shares: | Nanya Technology Corp.
|
Issue: | Exchangeable senior bonds
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Global coordinator: | UBS Investment Bank
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Joint bookrunner: | Morgan Stanley
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Amount | $200 million
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Greenshoe: | $40 million
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Maturity: | July 17, 2008
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Coupon: | 0%
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Price: | Par
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Redemption price: | 96.313
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Yield: | -0.75%
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Conversion premium: | 37%
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Conversion price: | NT$32.551
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Fixed FX rate: | NT$32.38 = US$1.00
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Conversion ratio: | 1,056.1823
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Call: | Non-callable for 3 years, then with 130% hurdle
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Put: | In year 2 at 98.508
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Price talk: | -0.25 to -0.75%, up 32-37%
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Pricing date: | July 11
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Settlement: | July 17
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Distribution: | Regulation S
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