E-Ton Solar returns with CB after scrapping GDR
The bonds offer zero yield, but the conversion premium is fixed at the top of the 20%-25% range after strong investor demand.
Three months after calling off an attempt to raise fresh cash from a GDR issue, E-Ton Solar Tech last night pocketed $100 million from a convertible bond that will pay no interest to investors. The bonds also carried other features, including a conversion price reset, which suggests the company would still prefer to have equity on its books.
This was the third zero-yield offering by a Taiwanese company in the past few weeks and adds to the emerging hopes of...
To continue reading, please login or register for free