Taiwanese solar cell manufacturer Neo Solar Power made its return to the international equity-linked market in slightly over two years, bringing a $120 million deal on Tuesday that received stronger demand compared to the last issue.
The structure of the new Reg S-only deal was largely similar to the company’s outstanding $120 million zero-coupon bond due 2017. Both deals have a maturity of three years, came with no coupon, and were launched with a standby letter of credit by ING Bank, which is rated A by Standard Poor’s and A1 by Moody’s.
But the issuer managed to fine-tune the structure to make the new deal more...
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