A slightly increased offering for the Taiwanese large screen flat panel display manufacturer was priced last week at the mid-point of its indicative terms, with heavy interest reported from hedge funds. What was initially a $70 million transaction with a $10 million greeenshoe, was increased to $85 million and priced at par with a 0.5% coupon, conversion price of NT$24, representing an 8% premium to a three day average and a yield-to-put of 75bp over Treasuries.
The five year issue also has par redemption and is callable after six months subject to a 130% hurdle. The deal had been pre-marketed on a coupon range of 0.5% to 1%, conversion premium of 5%...
