Joint bookrunners Credit Suisse First Boston and JPMorgan completed a $200 million convertible for TFT-LCD manufacturer Chi Mei Optoelectronics yesterday Thursday. The deal was executed within the space of 90 minutes, closing two-and-a-half times oversubscribed on demand of $500 million.
Given that general market conditions have softened over the past few days, terms were considered aggressive and reflected fierce re-bidding for the mandate, which took place over the weekend. The transaction was originally held by Chi Mei's traditional house bank Morgan Stanley, which has executed both of the company's previous equity-linked deals this year. However, its role as joint bookrunner for the NYSE listing of rival Korean producer LG Philips...
