Hannstar launches CB

A clear market allows the Taiwanese TFT-LCD manufacturer to push for tighter terms.

Joint leads Credit Suisse First Boston and ING launched a $125 million convertible yesterday Tuesday with pricing expected later today. Indicative terms for the five-year deal are a zero coupon, zero yield and par redemption structure with a conversion premium of 9% to 14%. The deal has annual puts at par and a two-year call subject to a 130% hurdle.

There are also two re-set options. The first is an annual re-fix subject to an 80% floor and...

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