Ambit Microsystems launches CB

Following recent precedent, the network equipment manufacturer opts for a two-and-a-half year put option.

Marking the first equity issue after Chinese New Year, an $85 million convertible for Ambit Microsystems was launched yesterday Monday by Goldman Sachs, with Credit Suisse First Boston as joint-lead. The five-year zero coupon deal also represents the first capital markets transaction by the company to raise primary proceeds, following the sell-down of a stake by its parent Acer Inc last month.

Convertible specialists say that terms seem fairly reasonable, with the small deal size and straightforward structure causing barely a ripple in the grey market where the deal was quoted at 99.25% to 100.25% within a few hours of launch.

Scheduled to be priced on or before February 21, the deal has an indicative...

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