Advanced Semiconductor scraps plans to issue convertible bonds

By Marisa Wong

Madison, Wis., Dec. 26 – Advanced Semiconductor Engineering, Inc. is canceling its plans to issue overseas zero-coupon convertible bonds, according to a Taiwan Stock Exchange notice.

The company had announced in October that it planned to issue $400 million of five-year convertibles at par.

The company said the change of plans is due to its operations entering low season and that the need for funding is lower than forecasted.

The uncertainty of the capital markets may also affect the terms of proposed issue, the notice said.

DBS Bank Ltd., Standard Chartered Bank, CIMB Bank (L) Ltd., Citigroup Global Markets Ltd., Credit Suisse (Hong Kong) Ltd. were mandated as lead underwriters for the offering, with KGI Securities Co. Ltd. is the domestic financial advisor.

Proceeds were to be used to procure raw materials denominated in foreign currencies.

This would have been Advanced Semiconductor’s fourth issue of overseas zero-coupon convertible bonds.

The company provides semiconductor packaging and test services and is based in Kaoshiung, Taiwan.

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