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Technology Stocks : ACTM $100 Million Cable Modem Contract with MOT -- Ignore unavailable to you. Want to Upgrade?

To: G.M. Flinn who wrote (1183)	4/13/2000 12:07:00 PM
From: Rob Preuss	Respond to of 1250

[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.