Compal Electronics, through its bookrunner ABN AMRO Rothschild, priced a $300 million convertible after Asian market closed on Friday. The deal generated more than $1 billion in demand, which allowed it to be upsized from an initial $220 million size. The terms of the deal are in line with the recent spate of Taiwanese CBs that have come out since the end of May. With a five year maturity and a zero percent coupon and zero percent yield, the deal has a put at year two.
The bonds carry a conversion premium of NT$38.40 per share, equivalent to a 10.7% premium over NT$34.70, the closing price of the shares...
