Siliconware raises $400m in convertible bond sale

Demand for the Taiwanese semiconductor packaging company was robust, with more than 70 lines participating in the book.

Taiwanese company Siliconware Precision Industries raised $400 million through a zero-coupon convertible bond on Tuesday night.

The deal has a five-year maturity with a three-year investor put and an issuer call after three years.

It offers a 1% yield and closed with a conversion premium of 27.5% to Tuesday's closing price of NT$41.65, at the bottom of the guidance of 27.5% to 35%.

The conversion price was set at NT$53.10, at the bottom end of the initial range of NT$53.10 to NT$56.23. The credit spread was 200 basis points. The bonds are due on October 31, 2019.

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