By Marisa Wong
Madison, Wis., Feb. 1 - Far Eastern International Bank priced $150 million of 0% overseas convertible bonds on Jan. 31, according to a Taiwan Stock Exchange announcement.
The five-year convertibles were priced at par of $200,000 per bond.
The bonds are convertible at NT$15.24 per share at a fixed exchange rate of NT$29.569 per $1.00.
The redemption price at maturity is 101.89.
The bonds are provisionally callable at a 130% hurdle and putable beginning 30 months after the issue date. There is also a clean-up call option. The early redemption price is an amount that would result in an annual yield of 0.375%.
Settlement is slated for Feb. 7.
The bank is based in Taipei, Taiwan.
| Issuer: | Far Eastern International Bank
|
| Issue: | Overseas convertible bonds
|
| Amount: | $150 million
|
| Maturity: | Feb. 7, 2018
|
| Coupon: | 0%
|
| Price: | Par of $200,000
|
| Redemption price at maturity: | 101.89
|
| Conversion price: | NT$15.24 per share at a fixed exchange rate of NT$29.569 per $1.00
|
| Calls: | Beginning 30 months after issue date if price of Far Eastern's common stock, converted into U.S. dollars, is at least 130% of quotient of (a) early redemption price multiplied by conversion price divided by (b) principal amount of bonds, converted into U.S. dollars; clean-up call if at least 90% of principal amount has already been redeemed, converted or repurchased
|
| Put: | After 30 months
|
| Redemption price: | An amount that would result in an annual yield of 0.375%, with rate compounded semiannually
|
| Pricing date: | Jan. 31
|
| Settlement date: | Feb. 7
|
| Stock symbol: | Taiwan: 2845
|
| Stock price: | NT$11.80 at close Feb. 1
|
| Market capitalization: | NT$26.46 billion
|
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