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Technology Stocks : Cymer (CYMI)
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To: GuinnessGuy who wrote (7791)11/2/1997 7:03:00 AM
From: Curlton Latts  Read Replies (5) of 25960
 
S-3"Fundamental Change"=cash buyout or recapitalization - not likely to happen right now. This is all old news and has no bearing on CYMI's stock price (other than being a lot of very cheap money) nor is it related to the over excessive amount of short interest that has wrongly bet on CYMI without thoroughly understanding the great fundamentals of CYMI's business.

1) The conversion price remains $47 per share as in the press release.
cymer.com

2) State Street is only the "TRUSTEE". State Street *continues* as the TRUSTEE. A TRUSTEE is different than a bond holder. State Street's role is not changing here.

3) Don't expect these notes to ever convert unless forced to do so either through a call or at expiration. There is absolutely no reason for convertible notes to ever convert and throw away a semi-annual interest payment even when the stock price jumps to $200 per share. The conversion feature is always gonna be there anyways. No issue.

When you step back and look at this financing; including the fabulous terms for CYMI you get a sense of how powerful CYMI's business is *really* believed to be on the Street. 3.5% money with a $47 conversion price says it all. The other thing to notice is how oversubscribed the issue was; originally targeted at $150 demand pushed it to $172.5

Good Luck To Each And All

Curly
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