Epistar raises $280m in rare non-yielding CB
Taiwan LED chip maker Epistar Corp has issued Asia’s first convertible bond of the year, selling a rare deal that represents an almost pure equity play for investors — offering neither coupons over the course of its life, nor a yield at maturity.
Sole bookrunner Barclays Capital helped the company raise $280m from the five year deal after it exercised a $30m upsize option. The deal is puttable after three years, when the issuer can also call the notes at a redemption price of 130%.
The deal offers investors no yield at
Please take a trial or subscribe to access this content.
Contact our subscriptions team to discuss your access: email@example.com
To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: firstname.lastname@example.org or find out more online here.