First Steamship to buy back $20 million 0% convertibles due 2014

By Marisa Wong

Madison, Wis., Sept. 17 - First Steamship Co. Ltd.'s board of directors has decided to repurchase and cancel the company's $20 million outstanding zero-coupon overseas convertible bonds due 2014, according to a Taiwan Stock Exchange announcement on Tuesday.

The repurchase period will be Sept. 17 through Oct. 19.

The repurchase price will range from 103.16 to 103.24.

On Aug. 22 the company said it planned to redeem on Oct. 21 all or a portion of its outstanding $20 million zero-coupon convertible bonds due 2014 should bondholders exercise their put option.

The redemption price was set at 103.02 and the tender period from Aug. 22 to Oct. 8.

The company recently announced an adjustment to the conversion price of the 2014 convertibles. Effective as of Aug. 29, the conversion price is NT$36.00, lowered from NT$36.50.

As reported by Prospect News, the company also offered to repurchase its $45 million credit enhanced zero-coupon convertible bonds due 2015. The repurchase period for the 2015 bonds ran from Aug. 15 through Sept. 15.

The Taipei, Taiwan-based shipping company issued the 2014 bonds in October 2011.

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