By William Gullotti
Buffalo, N.Y., Dec. 1 – Taiwan Cement Corp. priced $800 million 0% foreign currency convertible bonds due 2026 at par, according to a notice on Wednesday.
After three months, the bonds will be convertible into shares of the company at an initial conversion price of NT$59.80 per share.
The convertibles are callable starting Dec. 7, 2023 until 10 days before the maturity date and subject to a 130% hurdle. They are also callable upon a tax event or if 10% or less of the original principal amount remains outstanding.
The company will use the proceeds to invest in subsidiaries or repay overseas subsidiaries’ bank loans.
Listing for the convertible bonds is expected on the Singapore Exchange effective Dec. 7.
The Taipei, Taiwan-based cement company is now an environmental engineering company focusing on green energy projects.
| Issuer: | Taiwan Cement Corp.
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| Amount: | $800 million
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| Issue: | Foreign currency convertible bonds
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| Maturity: | Dec. 7, 2026
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| Coupon: | 0%
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| Price: | Par
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| Yield: | 0%
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| Conversion price: | NT$59.80 per share
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| Call options: | Starting Dec. 7, 2023 until 10 days before maturity, subject to 130% hurdle; if 10% or less of the original principal amount remains outstanding; at any time for taxation reasons
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| Put option: | After two years
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| Change of control: | At par
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| Delisting: | At par
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| Pricing date: | Nov. 30
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| Issue date: | Dec. 7
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