Taiwan's Delta Electronics seeks $1.5 billion in Thai share-linked bonds, term sheet shows (updated)

Delta Electronics

14/09/2026 11:28

Adds more details from sheet throughout
By Yantoultra Ngui
Sept 14 (Reuters) - Taiwanese power electronics maker Delta Electronics 2308.TW is aiming to raise $1.5 billion through bonds exchangeable into shares of its Thailand-listed unit, according to a term sheet seen by Reuters.
Here are more details:
The Taipei-listed maker of power supplies and cooling systems is offering the bonds through its wholly owned unit, Delta Electronics Int'l (Singapore). The Singapore unit holds about 42.85% of Delta Electronics Thailand DELTA.BK, the term sheet said.
The proposed offering comprises $500 million of bonds due in September 2027 and $1 billion of bonds due in September 2031. The bonds would pay no regular interest.
The 2027 bonds are marketed at a yield to maturity of minus 4% to minus 2% a year. The 2031 bonds are marketed at minus 1.5% to minus 0.5%, with put options in March 2028 and September 2029.
The bonds are exchangeable into Delta Thailand shares at a premium to a concurrent share placement, set at 15%-20% for the 2027 notes and 30%-40% for the 2031 notes.
Delta Electronics Int'l plans to use the proceeds for working capital and future expansion. Delta Electronics is not guaranteeing the bonds or providing other credit support, the term sheet said.
Delta Electronics did not immediately respond to a request for comment sent outside normal business hours.

 (Reporting by Yantoultra Ngui, Editing by Louise Heavens)
 ((Yantoultra.Ngui@thomsonreuters.com;))