S&C Advises TSMC Global in $3 Billion Debt Offering

October 9, 2020

TSMC Global Ltd., a wholly-owned subsidiary of Taiwan Semiconductor Manufacturing Company Limited (TSMC), completed an offering of three tranches of bonds totaling $3 billion on September 28. TSMC, which owns one of the world's largest dedicated foundries in the semiconductor industry, will use the funds to finance capacity expansion following strong demand for 5G applications and high performance computing devices.
The notes are guaranteed by TSMC and offered pursuant to Rule 144A and to non-U.S. persons in offshore transactions in accordance with Regulation S. The initial purchasers included Goldman Sachs International, as the sole global coordinator, J.P. Morgan Securities plc, Morgan Stanley & Co. LLC, Crédit Agricole Corporate and Investment Bank and Citigroup Global Markets Inc.
The S&C team representing TSMC was led by Wally Jones in Australia and Ching-Yang Lin in Hong Kong. Eric Wang, Saul Brander and Nir Fishbien advised on U.S. tax laws.