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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
Global coordinator:UBS Investment Bank
Joint bookrunner:Morgan Stanley
Amount$200 million
Greenshoe:$40 million
Maturity:July 17, 2008
Coupon:0%
Price:Par
Redemption price:96.313
Yield:-0.75%
Conversion premium:37%
Conversion price:NT$32.551
Fixed FX rate:NT$32.38 = US$1.00
Conversion ratio:1,056.1823
Call:Non-callable for 3 years, then with 130% hurdle
Put:In year 2 at 98.508
Price talk:-0.25 to -0.75%, up 32-37%
Pricing date:July 11
Settlement:July 17
Distribution:Regulation S

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