Nomura helps price GlobalWafers' 'unique' exchangeable units issuance

The deal involved the chipmaker's German subsidiary and was the first ever public exchangeable issuance out of a Taiwan group issuer into a non-Taiwanese listed underlying.
January 23, 2024

Taiwanese chipmaker GlobalWafers’ wholly-owned German subsidiary, GlobalWafers GmbH, priced 345.2 million $375.7 million exchangeable units for Munich-headquartered Siltronic's shares held by GlobalWafers on January 16, 2024, with the deal closing on January 23. Nomura acted as the sole global coordinator and the sole bookrunner for the offering.

The issuance of exchangeable units helped manage Siltronic’s shares currently held by GlobalWafers' group whilst recycling its capital and optimising the funding costs in the implementation of its NT$100 billion $3.18 billion capex plan, according to a media release. GlobalWafers tried to buy Siltronic, which is a silicon wafer maker, in 2021 but failed to...

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