UMC completes convertible

The semiconductor company secures the highest ever conversion premium by an Asian borrower.

Morgan Stanley led a blow-out transaction for the Taiwanese semiconductor company yesterday Tuesday, with books for a $302 million deal closing 15 times oversubscribed in the space of an eight hour marketing period.

The deal marked the first instance of an Asian company selling a convertible into Treasury shares and as such necessitated a number of structural tweaks. The principal one was a shorter-than-expected maturity of 2.25 years, a reflection of the fact that under Taiwanese law companies...

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