WT Microelectronics Raises $935 Million Through Share, Convertible Bond Issues; Shares Down 4%
WT Microelectronics Co (TPE:3036) has priced its $435 million global depositary receipts offering and a $500 million overseas unsecured convertible bond issuance, raising a total of about $935 million, according to a Tuesday filing to the Taiwan stock exchange.The chipmakers' shares were down over 4% in Wednesday's trade.The semiconductor distribution company priced 15 million global depositary receipts at $29 each, raising $435 million. Meanwhile, the $500 million zero-coupon convertible bonds are due in June 2027 and will be listed on the Singapore Exchange with a nine-month tenor.The convertible bonds carry an initial conversion price of approximately NT$224.54 per share, representing a 22.5% premium over the placement price of the concurrent GDS offering, the chipmaker said.The company plans to use the funds raised for the procurement of raw materials denominated in foreign currencies to support the company's business growth. A part of the proceeds will also be used to repay foreign-currency bank borrowings.
