Taiwan High Speed Rail issues pre-IPO convertible
Cornerstone investors take 45% of the $300 million deal, which comes four months after the company launches its high-speed service between Taipei and Kaohsiung.
Taiwan High Speed Rail, which operates the new Shinkansen-style rail service between Taipei and Kaohsiung, has raised $300 million from the sale of pre-IPO convertible bonds in the international market.
The Deutsche Bank-led deal is a bit unusual for a pre-IPO CB, however, in that it was preceded by a three-day roadshow and at least partially sold into the public market. Most of these transactions are usually placed privately with a small number of investors. The shares have also...
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