The convertible bond market continued to
draw a crowd Thursday as Cypress Semiconductor priced a $500 million offering and ADC Telecommunications ( ADCT) announced a deal of its own. San Jose, Calif.,-based Cypress said its 1.2% notes will be convertible into 55.172 shares and $300 at a price of $18.13. They were sold in a private placement to qualified buyers. Cypress will use some of the money to buy a dilution hedge; the rest will go to redeeming a different convertible issue and to buy back stock from one of the notes' purchasers. Cypress shares were recently up 51 cents, or 4.8%, to $11.10. Minneapolis-based ADC said it will sell $350 million of convertible subordinated notes, consisting of fixed-rate notes due 2008 and floating-rate notes due 2013. It was also done through a Rule 144a deal. The company said it might use proceeds for future acquisition financing, but said it does not have any definitive acquisition plans at this time. It will also buy a convertible bond hedge. ADC offers network, systems and software services. Recently, shares of ADC were falling 2.4% to $2.91.