taiwan-high-speed-rail-issues-preipo-convertible

Taiwan High Speed Rail issues pre-IPO convertible

Cornerstone investors take 45% of the $300 million deal, which comes four months after the company launches its high-speed service between Taipei and Kaohsiung.
Taiwan High Speed Rail, which operates the new Shinkansen-style rail service between Taipei and Kaohsiung, has raised $300 million from the sale of pre-IPO convertible bonds in the international market.

The Deutsche Bank-led deal is a bit unusual for a pre-IPO CB, however, in that it was preceded by a three-day roadshow and at least partially sold into the public market. Most of these transactions are usually placed privately with a small number of investors. The shares have also been trading over the counter in Taiwan since early December, albeit in very modest volumes, and the CB can be converted immediately after the settlement.

Few investors are expected to do so, however, but will...
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