By Marisa Wong
Madison, Wis., May 7 - Far Eastern New Century Corp. said it issued two tranches of three-year corporate bonds.
The tranche A bonds total RMB 500 million, and the tranche B bonds total ¥5 billion.
Both tranches were priced at par.
The coupon is fixed at 2.95% for the tranche A bonds, and interest for the tranche B bonds is a floating rate based on yen Libor plus 110 basis points.
The company announced on March 27 that it planned to issue under NT$8 billion of bonds, or the equivalent amount in any foreign currency, with maturities of up to 10 years.
As previously noted, proceeds will be used to repay short-term bank loans and to provide cash for medium- and long-term financing needs, overall to strengthen the company's financial structure.
Far Eastern is a Taipei, Taiwan-based textile company.
| Issuer: | Far Eastern New Century Corp.
|
| Issue: | Corporate bonds
|
| Maturity: | Three years
|
| Announcement date: | May 7
|
|
|
| Tranche A
|
| Amount: | RMB 500 million
|
| Coupon: | 2.95%
|
| Price: | Par
|
| Yield: | 2.95%
|
|
|
| Tranche B
|
| Amount: | ¥5 billion
|
| Coupon: | Yen Libor plus 110 bps
|
| Price: | Par
|
| Yield: | Yen Libor plus 110 bps
|
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