[ACTM sells $90 million in convertable notes.]
Thursday April 13, 11:40 am Eastern Time
ACT Manufacturing sells $90 mln convertible notes
NEW YORK, April 13 (Reuters) - ACT Manufacturing, Inc.
(NasdaqNM:ACTM - news), a Hudson, Mass.-based electronics
manufacturer with operations in Ireland, Mexico and the
United States, privately sold $90 million of seven-year
convertible subordinated notes, the pricing information
service International Insider said on Thursday.
The notes carry a 7 percent coupon and were priced at 100.
They are convertible into ACT common stock at $42.90, a 20
percent premium over the stock's Wednesday closing price on
Nasdaq of 35-49/64.
ACT's notes include a $10 million overallotment option. The
sale was reduced in size from an original $100 million.
Credit Suisse First Boston and Salomon Smith Barney led the
sale, sources said.
ACT said in an April 6 press release it plans to use sale
proceeds for the proposed acquisition of the issued shares
and outstanding options of GSS Array Technology Plc , and
also for other general corporate purposes, including other
potential acquisitions.
GSS, a Thai electronics firm, said on March 28 that
shareholders owning 31 percent of its equity had so far
agreed to accept ACT's takeover offer. ACT offered 163 baht
($4.31) each for GSS's 21.11 million shares in mid-March.
At 11:20 a.m. in New York (1520 GMT), ACT's shares traded at
34-1/2, down 1-17/64. |
