Ambit prices CB

The Taiwanese network equipment manufacturer makes a solid debut in the convertible market.

With books closing three to four times oversubscribed, an $85 million deal for Ambit Microsystems was priced at London's close yesterday Tuesday after a one-day marketing period. Led by Goldman Sachs, with Credit Suisse First Boston as joint-lead, the five-year deal came at the mid-point of its indicative range.

Priced at par with a zero coupon and a two-and-a-half year put, there is a conversion premium of 15.5% to a closing price of NT$161, a yield-to-maturity of 4%, a...

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