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Taiwan's Nan Ya Plastics plans to issue up to NT$5.5 billion of unsecured bonds
By Reshmi Basu
New York, July 8 - Nan Ya Plastics Corp. said it has received approval from its board of directors to issue up to NT$5.5 billion of unsecured bonds.
The proposed offering will be either fixed- or floating-rate bonds and will be issued at par.
Funds from the sale will be used to repay short-term borrowings and improve the company's financial structure.
Nan Ya Plastics is a Taipei-based unit of Formosa Group and manufactures plastics, fibers and electronic materials.
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