Shin Kong Financial sets conversion price for third issue convertibles

By Marisa Wong

Madison, Wis., Aug. 19 – Shin Kong Financial Holding Co., Ltd. set the conversion price for its third issue domestic convertible corporate bonds at NT$10.50 per share. The bonds were issued on Aug. 12, according to a Taiwan Stock Exchange announcement.

The conversion price, set on Tuesday, is based on the average closing price of the company’s stock for the three consecutive business days prior to the record date of NT$9.56 and a conversion premium of 9.83%.

The company announced in June that it planned to issue up to NT$5 billion of 0% convertible bonds at par with a maturity of five years.

KGI Securities is the underwriter for the third issue convertible bonds.

Proceeds will be used to fund the redemption of Shin Kong’s 2012 second issue convertible bonds when holders exercise their put option, as previously noted.

Shin Kong is an investment holding company based in Taipei, Taiwan.

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