ProMOS issues $300 million CB for plant upgrade

The company's fifth ECM transaction since 2003 achieves aggressive pricing, partly thanks to strong liquidity.

Memory chip maker ProMOS Technologies last Friday February 9 raised $300 million from the first convertible bond by a Taiwanese company this year. The bond came on the back of a two-month decline in the share price, which may have helped it to achieve aggressive pricing, including a 19% conversion premium and a zero percent yield.

Observers said the pricing was partly a function of the high level of liquidity in the market and the shortage of CBs from...

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