Chartered completes convertible, markets bond

Singaporean semiconductor company raises $250 million from private placement CB and launches roadshows for $450 million bond.

Chartered Semiconductor began to address its aggressive financial leverage on Friday July 22 with the placement of $250 million through a convertible redeemable preference share issue CPS and the launch of a $450 million SEC-registered bond, which is scheduled to price later this week.

Goldman Sachs underwrote the CPS issue and took a proprietary position in the deal, which was placed with just a handful of other accounts. The US investment bank is also global co-ordinator of the bond issue alongside Citigroup as joint bookrunner, plus ABN AMRO and Bank of America as co-leads.

Proceeds from both transactions are being used to fund a tender offer...

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