By Marisa Wong
Madison, Wis., April 1 – TPK Holding Co., Ltd. priced $250 million of 0% convertible bonds at par on Tuesday, according to a Taiwan Stock Exchange announcement.
The total amount of the issue includes the full exercise of a $100 million over-allotment option.
The five-year bonds are being offered publicly outside Taiwan. J.P. Morgan Securities plc, Barclays Bank plc and HongKong and Shanghai Banking Corp. Ltd. are the lead underwriters, with Yuanta Securities as the local lead underwriter.
The conversion price is NT$240.37 per share. The conversion price reflects a 13.65% premium to the March 31 closing share price of NT$211.50.
The bonds are putable and callable after three years.
This is the Taipei, Taiwan-based company’s third issue of overseas convertible bonds.
Proceeds from the issuance will be used to procure raw materials overseas.
The bonds will be issued on April 8.
TPK makes capacitative touch technology products used in smartphones and tablets.
| Issuer: | TPK Holding Co., Ltd.
|
| Issue: | Overseas convertible bonds
|
| Amount: | $250 million, including $100 million exercised greenshoe
|
| Maturity: | April 8, 2020
|
| Underwriters: | J.P. Morgan Securities plc, Barclays Bank plc, HongKong and Shanghai Banking Corp. Ltd. (lead); Yuanta Securities (local lead)
|
| Coupon: | 0%
|
| Price: | Par of $250,000
|
| Conversion price: | NT$240.37
|
| Put option: | In whole or in part at 104.59 three years after issue date; at par plus gross yield of 1˝% per year, calculated semiannually, if TPK stock is suspended from trading for 30 or more days or upon a change of control
|
| Call: | In whole after three years if closing share price is at least 130% of conversion price for 20 out of 30 consecutive trading days or if less than 10% principal amount of bonds remains outstanding, in both cases at par plus gross yield of 1˝% per year, calculated semiannually
|
| Pricing date: | March 31
|
| Settlement date: | April 8
|
| Stock symbol: | Taiwan: 3673
|
| Stock price: | NT$211.50 at close March 30
|
| Market capitalization: | NT$69.92 billion
|
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