CMC Magnetics completes CB

Lehman Brothers leads its fourth transaction for the Taiwanese CD-R manufacturer.

A $100 million zero coupon issue was priced Wednesday night after books closed two times oversubscribed. The deal was launched and priced within a 24 hour marketing period, although the lead had previously undertaken extensive credit marketing.

Similar to July 2001, when CMC last launched a $100 million zero coupon issue, convertible experts say the lead had a difficult execution job on its hands because there is not that much of a credit bid for the company.

CMC's experience mirrors that of Ritek Corp, which launched a deal that struggled at the beginning of January, one convertible specialist comments. Both companies occupy the same industry sector. Both had outstanding deals, which had already eaten...

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