WT Microelectronics (TPE:3036) finalized pricing terms for its first issuance of unsecured overseas convertible bonds worth $350 million, the company said in a Monday Taiwan Exchange filing.
Shares slumped about 8% in Tuesday's midday trade.
The bonds are convertible into newly issued WT Microelectronics common shares at NT$181.70 per share, representing a 27.06% premium to the NT$143 closing price on the pricing date.
The bonds, set to be issued on Nov. 24, will carry a 0% coupon and mature in two years, it said.
The debt securities will be listed on the Singapore Exchange, and proceeds will be used to reduce interest expenses and strengthen the company's financial structure.
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