Taiwan-based electronic components company WT Microelectronics has raised $935 million through a share sale and a convertible bond sale, according to the company’s stock filings late on Tuesday.
Reuters reporterd earlier on Tuesday that WT Micro had launched the two sales, citing term sheets.
WT Micro priced 15 million global depositary receipts at $29 each, raising $435 million. Each receipt represents five WT Micro common shares, meaning the sale covers 75 million shares. The receipts are due to be issued on Friday.
The company also priced $500 million in zero-coupon convertible bonds due in June 2027. The bonds can be converted into WT Micro shares at T$224.54 ($7.09) each, which is 14.56% above the Tuesday closing price of T$196.
WT Micro plans to use the proceeds to buy raw materials priced in foreign currencies and repay foreign-currency bank loans. It said the fundraising would cut interest costs and strengthen its finances.
The share sale will increase the number of WT Micro shares by about 5.57%, the company said.
($1 = 31.6690 Taiwan dollars)
Reuters
