Ritek returns to the CB market

The digital storage media manufacturer makes its annual visit to the CB market.

Taiwan's Ritek Corp returned to the convertible bond market yesterday Monday with its largest and most aggressive deal to date.

With UBS as lead manager, the B rated credit raised $220 million from a zero coupon, five-year issue, which was priced at 105.16% and redeems at 92.73% to yield minus 2.5%. There is also a two-year put at par. This marked the tight end of terms comprising a yield of minus 2% to minus 2.5%.

The conversion premium was settled at 8% to the stock's NT$23.4 close, again the tight end of a 3% to 8% indicative range. The deal also incorporates three re-set options after nine months, one-and-three-quarter years...

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