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Hon Hai Precision plans up to $800 million euro convertible bonds
By Marisa Wong
Madison, Wis., May 15 – Hon Hai Precision Industry Co., Ltd. said its board of directors has approved the issuance of up to $800 million of euro convertible bonds outside Taiwan.
The maximum issue amount includes a greenshoe.
The company tentatively plans to issue the bonds at par with a coupon of 0% and a maturity of five years.
The bonds will be converted into New Taiwan dollars based on the fixed exchange rate and then converted at the prevailing exchange rate for redemption, repurchase and repayment in U.S. dollars. The fixed exchange rate will be set at pricing.
Proceeds will be used to purchase raw materials overseas.
Hon Hai Precision is a Tu-cheng, Taiwan, manufacturer of computer connectors, cable assemblies and enclosures.
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