Joint leads Credit Suisse First Boston and ING accelerated pricing of a $125 million convertible for Hannstar Display last night Tuesday and increased the deal by 20% on the back of strong demand. At $150 million, books closed two-and-a-half times covered with participation from 96 investors. There is also a $20 million greenshoe.
Pricing came towards the lower end of the range with a 10% conversion premium to a spot close of NT$11.72 , compared to a pre-marketed range of 9% to 14%. The deal has a zero coupon, zero yield par redemption structure with a call option after two years subject to a 125% hurdle and annual puts at par. There...
