Simpson Thacher Represents Nomura and Morgan Stanley in $500 Million Offering of Currency Linked Zero Coupon Convertible Bonds by United Microelectronics Corporation
06.03.11
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Simpson Thacher recently represented Nomura and Morgan Stanley in an offering of $500 million Currency Linked Zero Coupon Convertible Bonds due 2016 by United Microelectronics Corporation (“UMC”).
This transaction was structured as US dollar denominated, NT dollar linked for redemption and conversion price calculations and US dollar settled, and was reported to be the first convertible bond offering employing this structure by a Taiwan-based issuer. This transaction was also reported to be the largest convertible bond offering by a Taiwan-based issuer so far this year.
UMC is one of the world’s largest independent semiconductor foundries and a leader in semiconductor manufacturing process technologies. UMC is listed on both the New York Stock Exchange and the Taiwan Stock Exchange.
The Simpson Thacher team for this transaction included Chris Lin, Asher Hsu, Howie Farn and Siobahn Lam.