Taiwan Semiconductor unit readies three-part offering of dollar notes

Chicago, Oct. 18 – TSMC Arizona Corp., a wholly owned subsidiary of Taiwan Semiconductor Manufacturing Co. Ltd., is planning a sale of three tranches of fixed-rate notes, according to a 424B5 filing with the Securities and Exchange Commission.

All three tranches will have optional make-whole calls and then par calls.

Goldman Sachs & Co. LLC is the global coordinator and bookrunner.

J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Citigroup Global Markets Inc. are listed as joint bookrunners.

Citibank, NA is the trustee.

Sullivan & Cromwell (Hong Kong) LLP is working as counsel to the issuer, but may rely on Fennemore Craig, PC for Arizona legal matters and Lee and Li for R.O.C. matters.

Latham & Watkins LLP is working as counsel to the bookrunners.

The notes will be listed on the Singapore Stock Exchange.

Proceeds will be used for general corporate purposes.

The semiconductor manufacturer is based in Hsinchu, Taiwan. TSMC Arizona was incorporated in November 2020 and is expected to be primarily engaged in the manufacture and sale of integrated circuits. The subsidiary plans to spend around $12 billion from 2021 to 2029 to build and operate an advanced semiconductor manufacturing facility in Phoenix. Commercial production is expected to start in 2024.

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