UMC/AU Optronics exchangeable priced

UMC attempted to monetize part of its stake in TFT-LCD manufacturer AU Optronics yesterday (Tuesday) with a $212 million exchangeable via Lehman Brothers and Morgan Stanley. The new deal follows a previous $200 million exchangeable in May 2002, which has yet to be called by the issuer as the sector turned shortly after pricing and the stock plummeted.