Innolux talks $300 million 0% convertible bonds due 2025 to yield 0%-0.5%, up 17.5%-27.5%

By Abigail W. Adams

Portland, Me., Jan. 15 – Innolux Corp. plans to price $300 million of 0% convertible bonds due 2025 on Wednesday at par with talk for a yield to maturity of 0% to 0.5% and an initial conversion premium of 17.5% to 27.5%, according to a market source.

Talk is for a put price of par to 101.51 and for a redemption price of par to 102.53.

UBS AG Hong Kong Branch is the global coordinator and is a joint bookrunner with Credit Suisse (Hong Kong) Ltd. for the Regulation S offering.

The bonds are callable on or after Jan. 22, 2023 subject to a 130% hurdle.

There is a put on Jan. 22, 2023 or upon a change of control.

The reference share price is NT$9.12. Conversion will be based on a fixed exchange rate of $1 to NT$29.91.

Proceeds will be used for the procurement of raw materials in foreign currencies.

Innolux is a Miaoli City, Taiwan-based TFT LCD panel producer.

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