Innolux to issue bonds convertible into up to 950 million shares

By Marisa Wong

Morgantown, W.Va., May 12 – Innolux Corp.’s board of directors has approved an issuance of overseas or domestic convertible bonds, according to a Taiwan Stock Exchange announcement.

The company is looking to issue bonds convertible into up to 950 million common shares.

The bonds will be sold at a price of at least 80% of par with a term of no more than seven years.

Proceeds will be used to enrich working capital, repay bank loans, strengthen the company’s financial structure and satisfy long-term capital requirements.

The proposed issuance is still subject to shareholders’ approval.

Based in Zhunan, Taiwan, Innolux makes TFT-LCD panels and LCD monitors.

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