June 23, 2003 – Powerchip Semiconductor Corp., a Taiwan-based DRAM chipmaker, has priced a US $90 million, five-year, zero-coupon overseas convertible bond.
The deal includes a provision that allows the underwriter, Lehman Brothers, to purchase up to an additional $22 million of shares. The conversion price is set at NT$14.61, a discount of 4.5% to the stock’s closing price on Thursday, June 19. The bonds reach maturity on June 25, 2008.
Powerchip previously stated plans to raise $300 million to $400 million to fund its new 12-in. chipmaking factory in Taiwan.