By Rebecca Melvin
Concord, N.H., April 23 – TSMC Global Ltd., a wholly owned subsidiary of Taiwan Semiconductor Manufacturing Co Ltd. priced $3.5 billion of notes (Aa3/AA-) in three series due 2026, 2028 and 2031, according to an exchange notice.
The $1.1 billion tranche of 2026 notes priced with a 1.25% coupon. The notes had been talked to yield in the area of Treasuries plus 80 basis points.
The $900 million tranche of 2028 notes priced with a 1.75% coupon and had been talked to yield in the area of Treasuries plus 85 bps.
The $1.5 billion tranche of 2031 notes priced with a 2.25% coupon and had been talked to yield in the area of Treasuries plus 100 bps.
Goldman Sachs International, J.P. Morgan Securities plc, Morgan Stanley & Co. LLC and Citigroup Global Markets Inc. were the lead managers and bookrunners of the Rule 144A and Regulation S offering. Listing on the Singapore exchange is expected to become effective on April 26.
Proceeds, according to Moody’s Investors Service, will be used for general corporate purposes.
The semiconductor manufacturer is based in Hsinchu, Taiwan.
| Issuer: | TSMC Global Ltd.
|
| Guarantor: | Taiwan Semiconductor Manufacturing Co., Ltd.
|
| Issue: | Bonds
|
| Amount: | $3.5 billion
|
| Bookrunners: | Goldman Sachs International, J.P. Morgan Securities plc, Morgan Stanley & Co. LLC and Citigroup Global Markets Inc.
|
| Listing date: | April 26
|
| Ratings: | Moody’s: Aa3
|
| S&P: AA-
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| 2026 notes
|
| Amount: | $1.1 billion
|
| Maturity: | April 23, 2026
|
| Coupon: | 1.25%
|
| Talk: | Treasuries plus 80 bps area
|
|
|
| 2028 notes
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| Amount: | $900 million
|
| Maturity: | April 23, 2028
|
| Coupon: | 1.75%
|
| Talk: | Treasuries plus 85 bps area
|
|
|
| 2031 notes
|
| Amount: | $1.5 billion
|
| Maturity: | April 23, 2031
|
| Coupon: | 2.25%
|
| Talk: | Treasuries plus 100 bps area
|
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