Farglory Land to issue downsized NT$2 billion of convertible bonds

By Marisa Wong

Madison, Wis., Feb. 15 - Farglory Land Development Co., Ltd. said it will issue NT$800 million of 0% three-year secured convertible bonds and NT$1.2 billion of 0% five-year unsecured convertible bonds.

The secured and unsecured convertible bonds will make up the company's fifth and sixth issues of corporate convertible bonds, respectively.

Farglory first announced the proposed issuances in September but postponed the offer due to turbulence in the global market.

The company originally planned to issue NT$2.2 billion of the unsecured convertibles. The company said it reduced the size of the sixth issue to NT$1.2 billion due, again, to turbulence in the global market and after evaluating shareholders' interest and the capital market in Taiwan.

The bonds will be issued at par.

Proceeds will be used to repay debt.

Farglory develops and constructs commercial and residential buildings and is based in Taipei, Taiwan.

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