Taiwan’s Epistar attracts huge demand for $250 million CB

The deal came with both asset swaps and stock borrow and was upsized by 25% after being covered in 15 minutes.
Epistar is the market leader in LEDs used for backlighting in laptops, mobile phones and TVs
Epistar is the market leader in LEDs used for backlighting in laptops, mobile phones and TVs

Epistar Corp, the Taiwan-based manufacturer of light-emitting diode LED chips and wafers, has raised $250 million from the sale of convertible bonds. The deal attracted a huge response and was upsized by 25% from the initial $200 million.

According to a source, the offering was covered in 15 minutes and when the order books closed after two hours at 5pm Hong Kong time more than 170 investors had come into the deal. The final deal size was said to be as much as 10 times covered, although after taking out the inevitable order inflation the real demand was probably closer to six to seven times the amount of bonds on...

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