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TSMC eyes $9 billion from debt markets to fund expansion
Taiwan Semiconductor Manufacturing Co. (TSMC) would raise nearly $9 billion from the debt markets to help fund expansion and pollution prevention-related efforts, after hiking revenue and capital spending estimates in anticipation of many years of growth opportunities.
The company's board had approved the domestic issuance of unsecured corporate bonds not exceeding $4.29 billion.
It also approved the provision of a guarantee to TSMC Global, a wholly-owned subsidiary, for its issuance of US dollar-denominated senior unsecured corporate bonds not exceeding $4.5 billion.
TSMC also expects to raise capital spending on advanced chip production and development to $25 billion-$28 billion this year, which is 60 percent higher than what it spent last year.
Among the capital appropriations is approximately $11.79 billion for fab construction, second-quarter R&D capital investments, the installation and upgrade of advanced technology capabilities, and sustaining capital expenditures.
Included in its expansion program is to open a $178 million Japanese material research subsidiary.
Last month, TSMC posted its best-ever quarterly profit.
The increased global demand for laptops, tablets, smartphones, and similar products that support working and studying during the pandemic have immensely benefitted Taiwan's chip manufacturers.
Taiwan's tech firms are now working hard to address a shortage of auto chips.