STATS brings debut CB

ST Assembly joins sister company Chartered Semiconductor with a rare convertible bond offering from Singapore.

An increased $175 million issue was priced overnight by lead manager Merrill Lynch on Wednesday. Coming up against unexpected volatility in US tech stocks, the lead nevertheless managed to close books three-and-a-half times oversubscribed after a five-hour marketing period.

Pricing of the deal, initially envisaged at $150 million in size, came at the mid point of its indicative range. The coupon was set at 1.75% against a 1.5% to 2% range and the conversion premium at 20% to Wednesday's S$2.84 close, against an indicative range of 17% to 23%.

The five-year deal also has hard no call for two years, thereafter subject to a 125% hurdle and a three-year put. This was priced at 110.081%...

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