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Technology Stocks : Semi Equipment Analysis

SOXX 294.38

-1.0%

Nov 7 4:00 PM EST

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To: robert b furman who wrote (4309)	7/25/2002 7:03:37 PM
From: LemonHead	Read Replies (3) of 95385

Bob, I got to dig a little deeper on the current value of NVLS. So I'm on the fence for the moment with a fair value reading of 23.63. I'm confused about this business of the 880 million in bonds possibly being returned. Got any thoughts on that? cbs.marketwatch.com [snip] Novellus expects to take a $17 million charge due to an expected put-back on $880 million of convertible debt issued last year. Due to the company's stock price, Novellus said holders of this debt are expected to exercise their option to simply return the bonds to Novellus. The debt consisted of 30-year zero coupon bonds with zero yield but with a conversion premium of 52 to 55 percent. Holders have the right, at certain time periods, to return the bonds to Novellus. The sale lowered the company's cost of capital and Hill said shareholders actually made $4 million in cash, or 2.5 cents a share, during the past year, on the sale. What kind of strewie deal is that? TIA Keith PS - VL has an updated report as of 07/19/02.

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