By Rebecca Melvin
New York, Oct. 28 – Siliconware Precision Industries Ltd. has priced $400 million of five-year 0% convertibles to yield 1% with an initial conversion premium of 27.5% on Tuesday, according to a news release.
The company had planned to issue up to $500 million of euro convertible bonds.
Investors have the option to put the bonds on Oct. 31, 2017.
The bonds can be converted into newly issued common shares of the company or American Depositary Shares of the company at an initial conversion price of NT$53.1038 per common share.
Proceeds will be used to procure raw materials denominated in foreign currency and to repay long-term debt.
J.P. Morgan Securities plc was the bookrunner of the offering, and Yuanta Securities Co., Ltd. was domestic financial adviser.
This is the company’s fourth issue of euro convertibles.
Taichung, Taiwan-based Siliconware is a semiconductor packaging and testing services company.
| Issuer: | Siliconware Precision Industries Ltd.
|
| Issue: | 0% euro convertibles
|
| Amount: | $400 million, including $100 million greenshoe
|
| Maturity: | Oct. 31, 2019
|
| Bookrunner: | J.P. Morgan Securities plc
|
| Coupon: | 0%
|
| Price: | Par
|
| Yield: | 1%
|
| Conversion premium: | 27.5%
|
| Conversion price: | NT$53.1038
|
| Calls: | Non-callable
|
| Puts: | On Oct. 31, 2017
|
| Pricing date: | Oct. 28
|
| Stock symbol: | NYSE: ADS: SPIL
|
| Stock reference price: | $6.52 as of close Oct. 28
|
| Market capitalization: | $4.08 billion
|
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