ChipMOS tests CB appetite

Taiwanese IC test and assembly company boosts disappointing IPO proceeds with a convertible bond.

Nasdaq-listed ChipMOS Technologies entered the convertible bond market after New York's close on Wednesday with an increased $75 million deal led by Lehman Brothers. The company timed the deal to try and gain a pricing advantage ahead of a pack of prospective Taiwan tech deals from among others Hannstar, CMC Technologies, QDI and Nan Ya.

Market conditions permitting, all four are expected to launch equity-linked deals over the next couple of weeks following the announcement of third quarter results. ChipMos jumped to the head of queue by pre-announcing its results and filing a Reg S offering, which would allow it to complete a deal over an accelerated one-day marketing...

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