Wan Hai lines up investors

The Taiwanese shipping company gets the convertible calendar off to a good start.

In a rare but welcome diversification from the Taiwanese tech and banking sectors, Morgan Stanley priced a $143.75 million convertible for shipping company Wan Hai Lines yesterday Monday.

The deal was launched under an accelerated timetable, with the transaction closing three-and-a-half-times oversubscribed after a marketing period, which spanned Asia's close to London's lunch. Individual orders were capped at $10 million to cope with the expected demand and the greenshoe was exercised shortly after launch bringing the deal...

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