Hon Hai gets board OK to issue up to $1 billion 0% euro convertibles

By Angela McDaniels

Tacoma, Wash., Dec. 22 - Hon Hai Precision Industry Co., Ltd.'s board of directors has approved the issuance of up to $1 billion of zero-coupon euro convertible bonds, according to a company news release.

The $1 billion maximum issue size includes the exercise of any over-allotment option.

The convertibles will be issued at par.

Proceeds will be used to purchase raw materials.

Hon Hai is a Tu-cheng, Taiwan-based manufacturer of computer connectors, cable assemblies and enclosures.

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