Asustek completes CB

Taiwan motherboard manufacturer secures aggressive terms in a strong market.

Lead manager Merrill Lynch priced an increased $321.6 million convertible for Asustek Computer yesterday Thursday. Terms were adjusted slightly to extract more value, with the issue price raised from par to 100.50% and proceeds from $280 million to $281.4 million. With the greenshoe expected to be exercised today, proceeds will rise to $321.6 million.

Final terms comprise a five-year maturity with two-year call and put options and redemption at 98.5% to yield minus 1%. The conversion premium...

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