CMC Magnetics completes CB

The recordable compact disc manufacturer tries to beat the autumn rush from Taiwan with a cheaply priced deal.

At pricing in London yesterday Wednesday, CMC Magnetics raised $100 million from a zero coupon convertible that offers investors the most attractive terms for a Taiwanese convertible year-to-date.

Led by Lehman Brothers, a five-year deal was priced at par with a conversion premium of 11% to Wednesday's NT$26.4 close and a re-set in years two, three and four subject to a cumulative floor of 80%. The deal is non-callable for three years and thereafter subject...

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