Warburg Pincus makes $250 million Taiwan investment
The private equity firm will buy convertible bonds in Chunghwa Picture Tubes representing a 10% stake, signalling its confidence in the future of the beleaguered company.
Warburg Pincus will invest $250 million in convertible bonds issued by Chunghwa Picture Tubes CPT.
The private equity firm will buy six-year, zero-coupon convertible bonds, which will give it a stake of 10.2% in the company on conversion. The conversion price is set at NT$8.50 $0.26, a 4% premium to the NT$8.17 closing price of the shares on the Taiwan Stock Exchange on September 14. The bonds are puttable at year 1.5, 3, and 4.5 at...
To continue reading, please login or register for free