Asia Cement plans to issue up to $300 million of euro convertibles

By Marisa Wong

Madison, Wis., Aug. 20 - Asia Cement Corp. plans to offer a second issue of euro convertible bonds, according to a Taiwan Stock Exchange announcement.

The size of the offering is tentatively set at less than $300 million.

Asia Cement expects to price the bonds at par with a maturity of five years. The coupon is provisionally set at 0%.

The company previously issued $172.5 million of 0% overseas convertible bonds in June 2011.

The Taipei, Taiwan-based cement producer will use proceeds from the second issue to repay loans, to purchase overseas raw materials and for operating capital.

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