promos-extends-early-deadline-on-cb-buyback

ProMOS extends early deadline on CB buyback

The cash-strapped DRAM maker says more than 50% of its CB holders have indicated support for the offer, but some need more time to complete the tender process.

ProMOS Technologies said yesterday that it will extend the early tender offer period for its ongoing convertible bond buyback by 10 working days until 2pm London time on March 17 after more than half of the bondholders have indicated that they will support the offer. The original deadline for bondholders wishing to get the early tender premium was on Monday March 2.

The Taiwan-based memory chip maker is offering to buy back the entire $335.615 million that remains outstanding on a zero-coupon bond due 2012 after it failed to meet its obligations with regard to a put option that took effect on February 14. ProMOS has said that 97.4% of the CB...

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