Asia Cement CB

Asia Cement returns with $172.5 million CB

The deal, which is upsized by 38%, comes as the Taiwanese cement producer's share price hits a three-year high.
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Asia Cement's Hualien factory
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<div style="text-align: left;"> Asia Cement's Hualien factory </div>

Taiwan-based Asia Cement last night returned to the market to raise $172.5 million from a convertible bond that was upsized by 38% from the original base deal and priced close to best terms for the issuer. This was Asia Cement’s second equity-linked deal this year following a $375 million exchangeable bond into textile manufacturer Far Eastern New Century in January.

Both bonds were filed with the Taiwan regulators in December last year, but the company chose to sell the exchangeable first to take advantage of strong demand for soft commodities early this year. Since then, there has been a significant rally in Chinese cement stocks and Asia Cement, which has...

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