IFR Asia – January 20, 2018

COUNTRY REPORT THAILAND

lead managers with NT$2bn–$2.9bn will
receive a 15bp fee, while managers with
NT$1bn–$1.9bn will get a 10bp fee. The
deadline for responses is January 26.
On November 24, the Anti-Monopoly
Bureau under China’s Ministry of
Commerce said it had conditionally
approved the proposed merger, where both
companies would operate separately for
the next 24 months, according to ASE’s
statement on the same day.
ASE plans to create a new holding
company, ASE INDUSTRIAL HOLDING , at the end
of this May after shareholders of ASE and
SPIL vote on the merger at an extraordinary
general meeting scheduled for February,
the statement says.
ASE Industrial will be the borrower of
the NT$90bn loan, while ASE will be the
guarantor.

› MOTECH INCREASES LOAN SIZE

Solar cell-maker MOTECH INDUSTRIES increased
the size of its five-year refinancing loan to
NT$4.8bn-equivalent from an initial target
of NT$4.5bn target before signing it on
January 10.
Chang Hwa Commercial Bank was the
original mandated lead arranger and
bookrunner on the loan, which can be
drawn in either NT or US dollars. Bank of

Taiwan and Mega International Commercial

Bank also came in as MLABs.

The NT dollar portion pays an interest

margin of 112bp–142bp over Taibor, while

the US dollar portion pays 135bp–145bp

over Libor. The borrower will pay any

excess interest rate beyond a 30bp

difference between TAIFX and Libor.

Banks were offered a top-level upfront

fee of 24bp. The Taiwan-listed borrower’s

land and factory serve as security.

Funds are to refinance a NT$6.4bn-

equivalent three-year loan signed in August

2015 and for working capital purposes.

For full allocations, see http://www.ifrasia.com.

› AUO CRYSTAL LIFTS LOAN SIZE

Solar power wafer maker AUO CRYSTAL

increased its five-year term loan to

NT$3.3bn from a NT$3bn target before

signing it on January 10.

Bank of Taiwan was the sole mandated

lead arranger and bookrunner of the

facility, which offers an interest margin

ranging from 90bp to 120bp over Taibor,

based on the borrower’s pre-tax net profit

margin. The pre-tax interest-rate floor was

set at 1.7%.

Banks were offered a top-level upfront

fee of 27bp.

The subsidiary of AU Optronics will

use the funds to buy machinery and

equipment, which will form the security

package.

For full allocations, see http://www.ifrasia.com.

THAILAND

EQUITY CAPITAL MARKETS

› INDORAMA EB RAISES US$200M

Sole bookrunner Morgan Stanley has sold

US$200m of exchangeable bonds, with a

standby letter of credit from Bangkok Bank,

in Thailand’s INDORAMA VENTURES.

The zero-coupon one-year bonds, with

Canopus International as issuer, were

offered at a yield-to-maturity of 0% and an

exchange premium of 15.0%–17.5% over the

reference price of Bt56.75.

It was priced at an exchange premium of

17.5%, translating to an exchange price of

Bt66.68.

The EB offering was well supported and

sold to 25 buyers, mainly international

investors.

There is a 90-day lock-up period for the

issuer and Indorama Ventures.

THE 21

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ANNUAL

IFR ASIA

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