QDI prices CB

Quanta Display follows Nan Ya Technology to the convertible market.

Taiwan's smallest TFT-LCD manufacturer priced a sizeable $270 million convertible yesterday Thursday via its house bank Lehman Brothers. Market conditions were not quite so favourable as they had been for Nan Ya Techology a day earlier, however, with the US market down overnight and the former deal also quoted down a point during secondary market trading.

Terms for QDI's deal comprised a five-year final maturity, issue price of par, zero coupon and redemption at 99.75%. There is a first put option after 30 months at 99.875% and a second at 45 months at 99.825% to yield minus 0.5%. The conversion premium was fixed at the wide end of a 30% to...

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