ProMOS Technologies took advantage of a re-bounding share price to raise $200 million from a convertible bond issue yesterday June 15. The company initially went out with a deal size of $150 million, but the offering was upsized by lead manager ABN AMRO Rothschild after the order book closed four times covered. There is also a $25 million greenshoe.
Prior to ProMOS, only four Taiwanese companies had accessed the equity-linked market so far this year raising just $450 million between them. By contrast 22 companies accessed the market over the same time period in 2004 raising a total of $3.64 billion.
Issuers' reluctance...
