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Neo Solar taps market with rare SBLC-powered CB
Taiwanese solar cell manufacturer Neo Solar Power Corporation tapped the equity-linked market on July 10, raising NT$3.6bn ($120m) through a zero coupon convertible bond backed by a standby letter of credit (SBLC) from ING.
The last Asian firm to issue a CB wrapped by an SBLC was China Yongda Automobiles Services Holdings, which sold a Rmb1bn ($161m) deal last month. And as with that issue, executing a conventional deal without one would have been almost impossible for Neo Solar.
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