Premier Image secures tight terms

ING Barings has priced an $85 million convertible for the digital camera manufacturer at the mid-point of an aggressive range.
Pricing was completed in London last night Thursday, with the coupon coming in at 0%, the conversion premium at 14.5% over an NT$47.2 close and the three-year put at 118.06%, representing a spread of 150bp over Treasuries and yield-to-put of 5.69%.

At these levels, the coupon came at the tightest end of its 0% to 0.75% range, the conversion premium in the middle of a 12% to 17% range and the put option at the outer end of a 75bp to 150bp range. There is also three-year hard no call, thereafter subject to a 140% trigger and re-sets in years one, two and three, subject to an 80% floor. Redemption for the...

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