Taiwan Mobile sets 10% initial conversion premium for convertibles

By Marisa Wong

Morgantown, W.Va., Nov. 14 – Taiwan Mobile Co., Ltd. set the conversion price for its new third issue domestic convertible bonds at NT$116.1.

The conversion price is a 10% premium over the base share price of NT$105.5, according to a Taiwan Stock Exchange announcement on Monday.

In August, the company announced plans to issue up to NT$10 billion of five-year convertible bonds. The zero-coupon bonds were to be offered at par.

Aside from the conversion price, details of the issuance were not disclosed in Monday’s notice.

Yuanta Securities Co., Ltd. is the underwriter, as previously noted.

Proceeds will be used to repay debt.

The telecommunications company is based in Taipei, Taiwan.

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