By Abigail W. Adams
Portland, Me., Sept. 22 – Evergreen Marine Corp. priced $300 million of 0% convertible notes due 2025 on Tuesday at par with a conversion premium of 15.19%, according to a company announcement.
The bonds are non-callable for three years and then subject to a 130% hurdle.
The bonds are putable on the third anniversary of the issue date or upon a fundamental change.
They will be traded on the Singapore Exchange and settled according to the fixed exchange rate of NT$28.991 to USD$1.
Proceeds will be used for the procurement of raw materials, ships, equipment and the lease of ships.
Evergreen Marine is a Taipei City, Taiwan-based container transportation and shipping company.
| Issuer: | Evergreen Marine Corp.
|
| Securities: | Convertible bonds
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| Amount: | $300 million
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| Maturity: | Sept. 29, 2025
|
| Coupon: | 0%
|
| Price: | Par
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| Yield: | 0%
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| Conversion premium: | 15.19%
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| Conversion price: | NT$18.2
|
| Call options: | Non-callable for three years and then subject to a 130% hurdle
|
| Put options: | Upon the third anniversary of the issue date
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| Pricing date: | Sept. 22
|
| Stock symbol: | TPE: 2603
|
| Stock price: | NT$15.80
|
| Market capitalization: | NT$76.04 billion
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