With Deutsche Bank as lead manager, Powerchip Semiconductor priced its second ever capital markets transaction at the end of last week, raising $175 million from a five year, zero coupon, rolling put deal. Backed by an issue price of par, the deal has a conversion premium of 10.7% to Thursday's NT$27.6 close and is convertible into either common share's or the company's existing GDR at NT$30.
The issue has also a two-year call option subject to a 135% trigger and a greenshoe of $25 million Co-leads are Credit Lyonnais and Nomura, with ABN AMRO, Grand Cathay, ING Barings and Powerchip Securities as co-managers.
Underlying assumptions include a bond floor...
