Marking the first equity issue after Chinese New Year, an $85 million convertible for Ambit Microsystems was launched yesterday Monday by Goldman Sachs, with Credit Suisse First Boston as joint-lead. The five-year zero coupon deal also represents the first capital markets transaction by the company to raise primary proceeds, following the sell-down of a stake by its parent Acer Inc last month.
Convertible specialists say that terms seem fairly reasonable, with the small deal size and straightforward structure causing barely a ripple in the grey market where the deal was quoted at 99.25% to 100.25% within a few hours of launch.
Scheduled to be priced on or before February 21, the deal has an indicative...
