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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (63389)	5/2/2002 11:37:35 PM
From: StanX Long	Read Replies (1) \| Respond to of 70976

United Microelectronics Sells $205 Mln of Exchangeable Bonds By Paul Scanlon quote.bloomberg.com Taipei, May 3 (Bloomberg) -- United Microelectronics Corp., the second-largest maker of chips for other companies, raised $205 million selling bonds that can be exchanged for shares in subsidiary AU Optronics Corp., about one-quarter less than planned. The bonds, which do not pay any interest and mature in 2007, are exchangeable into Au Optronics shares at NT$59.34 apiece, a 17.5 percent premium to their close yesterday, according to Bloomberg Data. An employee in UMC's finance department who declined to be identified said last month the company planned to raise $270 million from the sale. It hired investment bank Lehman Brothers Holdings Inc. to manage the sale, according to Bloomberg Data. The chipmaker may raise about $41 million more under an option it gave its bankers known as a ``greenshoe'' that allows the sale of more bonds to meet demand. UMC plans to use the proceeds to help expand production.