Asia Cement thinks small to seal CB at the third attempt

After two unsuccessful trials, it's third time lucky as the Taiwanese cement maker raises $215 million from a convertible debt issue by settling for a much smaller deal.

Taiwan-listed Asia Cement raised $215 million from its third convertible debt issue in eight years on Monday after substantially reducing its fundraising target despite a strong run in its share price.

The Taiwanese cement producer can breathe a sigh of relief now it has finally completed the convertible bond sale after two unsuccessful attempts. The company applied to the Taiwan Stock Exchange for a $400 million deal in both 2015 and 2017, but both deals did not materialise.

In March this year, Asia Cement made a new filing and said it hopes to raise $500 million the single largest fundraiser in the company’s history. The company...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222