Group Up Industrial has board OK for first issue of convertibles

Chicago, Feb. 25 – Group Up Industrial Co., Ltd. has board approval for its debut issue of convertible corporate bonds, according to a regulatory notice.

The company may issue NT$500 million of 0% three-year convertible bonds at par or 101.

Proceeds will be used to repay bank borrowings and increase operating income.

The offering will be public, but bookrunners have not yet been given the mandate.

Taiwan-based Group Up manufactures machinery, specializing in coating, drying, lamination, exposure, automation and line integration for manufacturers of printed circuit boards, flat and flexible panel displays, advanced packaging and other electronic components.

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