ProMOS prises Taiwanese CB market back open

DRAM manufacturer brings first benchmark equity-linked deal from country since January.

ProMOS Technologies took advantage of a re-bounding share price to raise $200 million from a convertible bond issue yesterday (June 15) The company initially went out with a deal size of $150 million, but the offering was upsized by lead manager ABN AMRO Rothschild after the order book closed four times covered There is also a $25 million greenshoe

Prior to ProMOS, only four Taiwanese companies had accessed the equity-linked market so far this year raising just $450 million between them By contrast 22 companies accessed the market over the same time period in 2004 raising a total of $3 64 billion

Issuers' reluctance to execute transactions has been the result of declining share prices...

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