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Munich (pte015/30.04.2003/11:08) - German semiconductor producer Infineon Technologies http://www.infineon.com announced today it would be launching a subordinated convertible bond issue through its Netherlands-based subsidiary Infineon Technologies Holding B.V.
The transaction size will be between 700 and 725m euros and can be converted into up to 69 million Infineon shares, the equivalent cash amount or a cash/share combination. The convertible bond has a maturity of 7 years and cannot be called for the first three years. According to Infineon, the convertible market is particularly favourable right now due to low interest and high volatility on the stock market.
The bond will be placed with institutional investors outside the USA and the transaction will be handled by Goldman Sachs International and Morgan Stanley & Co. International.
Infineon says it plans to use the proceeds of the issue to strengthen its financial position and support its long term strategy.
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