By Marisa Wong
Madison, Wis., Oct. 11 - First Steamship Co., Ltd. announced it issued $20 million of 0% overseas convertible bonds due 2014 on Oct. 7.
The bonds are convertible at any time beginning one month from the issue date. The conversion price is NT$39.09 per share of First Steamship stock.
The convertibles are putable after two years at 103.02, and they are callable at par at any time after one month if the First Steamship share price closes at or above 130% of the conversion price for 30 consecutive trading days.
Proceeds will be used to invest in the company's overseas subsidiaries and for investment income.
First Steamship is a Taipei, Taiwan-based shipping company.
| Issuer: | First Steamship Co., Ltd.
|
| Issue: | Overseas convertible bonds
|
| Amount: | $20 million
|
| Maturity: | 2014
|
| Coupon: | 0%
|
| Conversion price: | NT$39.09
|
| Put option: | After two years at 103.02
|
| Call option: | At par at any time after one month if share price closes at or above 130% of conversion price for 30 consecutive days
|
| Settlement date: | Oct. 7
|
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