SMIC returns with $450m convertible

The Hong Kong- and New York-listed semiconductor manufacturer tapped the equity market for the second time, three years after its debut convertible debt issue.

Semiconductor Manufacturing International Corp SMIC returned to the equity linked market on Tuesday with a $450 million Reg-S only convertible bond offering that received a similar level of strong demand to its debut offering in 2013.

SMIC marketed the new deal at a base size of $300 million and was met with massive demand, which according to one source amounted to nearly six times the deal size.

Such strong demand allowed sole bookrunner JP Morgan to enlarge the deal by another $50 million on top of the $100 million upsize option that was stated as part of the offer terms when the deal launched.

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