Malaysian IC testing and packaging company Unisem Berhad priced a debut $80 million convertible on Friday via lead managers Credit Suisse First Boston and ING. The deal size was relatively small, but the impact on the company's share capital is large given that it represents 25% of the enlarged share capital and 65 days trading. In addition, Unisem has also received permission to issue a further $50 million before February 2005.
Terms on the deal comprise an issue price of par, a semi-annual coupon of 2%, a three-year put at 107.12% and a yield-to-put of 4.25%. Redemption is at 112.39%. The conversion premium was fixed at 29.6% to the stock's M$10.80 close....
