Taiwan's asia cement is preparing to issue zero-coupon convertible bonds of up to US$400m at an expected tenor of five years. Bank of America Merrill Lynch, Goldman Sachs, HSBC and Standard Chartered are leading the transaction, expected to be launched in September. The company will use the proceeds to repay debt, purchase materials from overseas and replenish working capital. In 2013, the company issued a US$220m zero-coupon CB with a conversion premium of 28%. Goldman was sole global coordinator on the issue, as well as joint bookrunner with BAML and BNP Paribas. ptc therapeutics, a drug developer, has managed to partially de-risk funding by confidentially marketing a capital raise, though the outcome was not entirely to its liking. The company, which is in the midst of an important Phase Ⅲ trial in the US, opted for price over size on a US$125m seven-year CB.
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