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With the equity market in the doldrums and interest rates at historic lows, even former tech market darling Yahoo! Inc. is selling debt. On April 9, the Sunnyvale, California-based Internet media company raised $750 million by selling zero coupon senior convertible notes due in 2008. Credit Suisse First Boston Corporation was the initial purchaser of the privately placed notes, which bear no interest. The notes’ attraction for investors is their convertibility. Noteholders will be able to convert their paper to Yahoo! common stock at a price of $41 a share. That means they’re betting Yahoo stock will have a good five-year run, since the conversion price represents a 79 percent premium over $22.87, the closing price of Yahoo! common on April 9, when the offering was issued. For issuer Yahoo! Inc. (Sunnyvale, California) In-house: Deputy general counsel Michael Callahan, senior corporate counsel and assistant secretary Mindy Heppberger, and senior corporate counsel Paul Huie. Skadden, Arps, Slate, Meagher & Flom (New York): Corporate: Thomas Ivey, Kenton King, and associates Rukaiyah Adams, Linda Funasaki, Leif King, Nadine Stocklin, and William Torrey. Intellectual property: Ronald Laurie and associate Gene Su. Tax: Moshe Kushman and associate Sandra Strassner. (All are in the firm’s Palo Alto office, except Kushman and Strassner, who are in Los Angeles.) For initial purchaser Credit Suisse First Boston Corporation (New York) In-house: Vice president Pamela Guardo. Davis Polk & Wardwell (New York): Corporate: Alan Denenberg and associates Afra Afsharipour, Kevin Greenslade, and Martin Wellington. Tax: Dana Trier and associate Rachel Kleinberg. (The corporate team is in the firm’s Palo Alto office; the tax lawyers are in New York.) CSFB is a longtime client of Davis Polk’s.

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