Tatung prices exchangeable

The TFT-LCD sector continues to completely monopolise Asian ECM activity as Tatung Corp monetizes part of its stake in Chunghwa Picture Tubes.

Taiwanese computer and home appliances manufacturer Tatung Corp monetized a 3% stake in TFT-LCD manufacturer Chunghwa Picture Tubes CPT yesterday Monday. With ING as lead manager, a $79.6 million deal was closed within three hours of launch after books passed eight times oversubscription.

The credit-enhanced deal breaks the mould of recent Taiwanese equity-linked deals and as such investors were said to have found the combination of ING's credit strength and CPT's low stock valuation appealing. Final pricing came at the tight end of terms, with the conversion price breaking the filed range of 5% to 20%.

Terms comprise a three-year final maturity, with a zero coupon, premium...

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