Hannstar launches CB

A clear market allows the Taiwanese TFT-LCD manufacturer to push for tighter terms.

Joint leads Credit Suisse First Boston and ING launched a $125 million convertible yesterday (Tuesday) with pricing expected later today. Indicative terms for the five-year deal are a zero coupon, zero yield and par redemption structure with a conversion premium of 9% to 14%. The deal has annual puts at par and a two-year call subject to a 130% hurdle.

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