Weltrend Semiconductor to offer NT$1.1 billion convertibles

By William Gullotti

Buffalo, N.Y., July 19 – Weltrend Semiconductor, Inc.’s board of directors approved a resolution to issue up to NT$1.1 billion of 0% unsecured convertible corporate bonds, according to a notice on Wednesday.

The offering will be publicly underwritten via auction method over a three-year period, with each bond having a face value of NT$100,000 and a minimum issue price temporarily set at 101.

Taishin Securities Co., Ltd. is the agent.

The conversion rate and rules of conversion will be announced separately, as will any conditions permitting issuer buybacks and/or bondholder puts.

Proceeds from the issuance will be used to repay bank loans.

Based in Taiwan, Weltrend is a fabless semiconductor company, also known as IC design house, specializing in the planning, design, testing, application development and distribution of its IC products.

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