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Non-Tech : Convertible Bonds

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To: Rocky9 who started this subject	9/6/2002 11:20:52 PM
From: Rocky9	of 83

Gallium Arsenide (GaAs) chip makers. The three GaAs companies that I follow - RFMD, TQNT, and ANAD - all have converts (as does CNXT which used to be a competitor). The following table tries to compare the converts: BOND B-PRICE YLD YTM SIZE CASH Q-SALES S-PRICE M-CAP ANAD 5% 56.637 8.83 21.13 100M 183M 23M 3.13 95M RFMD 3.75% 76.125 4.93 14.03 294M 350M 103M 7.54 1311M TQNT 4% 76.875 5.31 10.63 284M 562M 61M 5.31 683m The price and yield came from convertbond.com. The size and cash came from the 06/02 earnings announcement. The market cap is my math based on the shares listed in the last report. The ANAD is due 11/06; the RFMD is due 06/05; and the TQNT is due 03/07. The RFMD looks pretty solid. ANAD is losing so much money that I would be a little doubtful. ANAD will probably have to merger or buy back its debt at a discount. TQNT is cash rich and the bond is being priced accordingly.

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