By Rebecca Melvin
New York, Jan. 21 - Asia Cement Corp. priced US$375 million of overseas bonds exchangeable into shares of Far Eastern New Century Corp. with a 0% coupon and a 30% initial conversion premium, according to a news release.
The Taipei, Taiwan-based cement producer's bonds, with a US$200,000 face, will be convertible into Far Eastern shares at a conversion price of NT$63.51.
Far Eastern is a textile company.
The bonds are non-callable for three years and then are provisionally callable at par subject to a closing share price of at least 130% of the conversion price for 30 consecutive trading days. Holders can put the bonds after year three.
Proceeds will be used for repaying bank borrowings and purchasing raw materials.
Issue: | Asia Cement Corp.
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Issue: | Overseas unsecured exchangeable bonds
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Exchangeable entity: | Far Eastern New Century Corp.
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Amount: | US$375 million
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Coupon: | 0%
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Price: | Par, US$200,000
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Yield: | 0%
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Initial conversion premium: | 30%
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Conversion price: | NT$63.51 (Exchange rate $1 = NT$29.032)
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Call: | After three years subject to 130% hurdle
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Put: | After year three
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Pricing date: | Jan. 20
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Settlement date: | Jan. 27
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Stock symbol: | Taiwan: 1402
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Reference price: | NT$48.85
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