By Marisa Wong
Madison, Wis., June 18 - First Steamship Co. announced it issued $45 million of 0% convertible bonds secured by a standby letter of credit.
The three-year bonds have a conversion price of NT$34.80 per share. The bonds are convertible beginning one month after the issue date.
The bonds are putable after two years at 103.02 and are callable at par after 30 days from the issue date if First Steamship's shares close at or above 130% of the conversion price for each of 30 consecutive trading days. The bonds are also subject to a 10% cleanup call.
Proceeds will be used to invest in overseas subsidiaries.
First Steamship is a Taipei, Taiwan-based shipping company.
| Issuer: | First Steamship Co.
|
| Issue: | Secured convertible bonds
|
| Amount: | $45 million
|
| Maturity: | Three years
|
| Coupon: | 0%
|
| Conversion price: | NT$34.80
|
| Conversion period: | At any time after one month
|
| Put option: | At 103.02 after two years
|
| Call option: | At par after 30 days if company's stock closes at or above 130% of conversion price for each of 30 consecutive trading days; 10% cleanup call
|
| Issue date: | June 18
|
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