UPDATE 2-ASMI launches 150 million euro convertible bond

* Senior unsecured convertibles due 2014

* Will go for general purposes, to extend debt maturities

* New standby revolver of 50 million euros * Shares fall 7 percent

(Adds analyst comment, share price)

AMSTERDAM, Nov 3 (Reuters) - Dutch semiconductor equipment maker ASM International (ASMI.AS) launched a 150 million euro ($222 million) convertible bond to extend its debt maturities. AMSI also said on Tuesday it would use the proceeds to buy back outstanding 2010 and 2011 convertible bonds on an ongoing basis, in addition to general corporate purposes. The coupon was indicated in a 6.5-7.5 percent range, with the conversion premium indicated at 25-32.5 percent.

ASMI shares fell 7 percent in early trading. The company said it was looking at measures to limit dilution to shareholders from conversions of the 2010 and 2011 bonds.

"The new convertible substantially reinforces the financial position," SNS Securities said in a research note, adding potential dilution from the new bonds amounted to 16-17 percent, offset by the buyback of the other bonds and the potential additional measures.

ASMI called an extraordinary general meeting of shareholders for Nov. 24 to approve the bonds' conversion rights.

The company also said it closed a new standby revolving credit facility of 50 million euros with Rabobank and Morgan Stanley. The three-year facility replaces an existing one with Rabobank.

AMSI reported better-than-expected third-quarter results last week. [ID:nLT113747] (Reporting by Ben Berkowitz; Editing by Simon Jessop and Dan Lalor) ($1 = 0.6769 euro)