ProMOS Technologies Inc (茂德科技), Taiwan’s most unprofitable memory chipmaker, said it will extend an early tender offer to buy back its convertible bonds to March 17 from March 2.
ProMOS on Feb. 19 offered to buy back US$335.6 million of outstanding convertible bonds for as little as 10 percent of the face value after saying it didn’t have enough money to pay the full amount.
A put option became valid on Feb. 14, allowing bondholders the right to sell back the bonds to ProMOS.
“More than 50 percent of bondholders have indicated their acceptance of the tender offer or withdrawn their redemption request,” Hsinchu-based ProMOS said in a statement to the Singapore Stock Exchange yesterday.
Those who accept the offer before the early tender deadline will be paid 20 percent of the principal, with an extra 3 percent offered if more than 82 percent of bondholders accept.
The additional payout will rise to US$65 per US$1,000 principal if 86 percent accept by the early deadline, it said on Feb. 20.
The tender will fail if less than 79 percent of bondholders accept the offer by March 21, ProMOS said on Feb. 20.
That deadline is unchanged, it said Tuesday.
Acceptance hasn’t yet met the 79 percent minimum level, spokesman Ben Tseng (曾邦助) said by telephone yesterday.
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