Taiwan Cement Corporation (TCC), the largest cement producer in Taiwan and the seventh-largest cement manufacturer in China, completed its concurrent offering of $420 million currency-linked zero coupon green convertible bonds (Green CB) and $384 million global depositary shares (GDS), marking the largest concurrent CB and GDS transaction in Asia over the past two years.
The Green CB offering is the first equity-linked transaction by a Taiwanese company issued under a Green Financing Framework that adheres to international market standards and stands out as the largest CB offering in Taiwan over the past two years. The Green CBs are listed and traded on the Singapore Stock Exchange and convertible into common shares of TCC listed on the Taiwan Stock Exchange. The GDSs are traded on the Euro MTF market of the Luxembourg Stock Exchange.
TCC has been transforming into an eco-solutions provider and has been expanding its business into the renewable energy sector, including renewable energy generation, battery, energy storage and fast-charging network.
S&C has advised the initial purchasers of all TCC’s six CB and GDS offerings since 2018. S&C also represented TCC on its acquisition of 65.15 percent of the shares of NHOA S.A., a French company listed on Euronext Paris and a technology and industrial player focusing on energy storage systems in 2021, and on NHOA’s rights offers since then.
S&C advised Citigroup, UBS and DBS, the initial purchasers of the Green CBs offering, and Citigroup and UBS, the initial purchasers of the GDSs offering, on U.S. law matters. The S&C team consisted of Ching-Yang Lin, Gwen Wong, Stephen Pang, Jeffrey Lee and Bella Wang. Vanessa Blackmore, Kirsten Rodger and trainee solicitor Guilherme Cardoso da Cunha advised on EU and U.K. law.
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