Taiwan’s Hon Hai Precision unit plans bond issue of up to RMB 6 billion

By Mary-Katherine Stinson

Lexington, Ky., May 12 – Hon Hai Precision Industry Co., Ltd.’s subsidiary Foxconn Industrial Internet Co., Ltd. plans to issue up to RMB 6 billion of fixed-rate corporate bonds at par with maturities of not more than five years, according to a notice.

The bonds will have a face value of RMB 100 and will be sold without a discount.

The bonds can be either a single or mixed-term structure.

Proceeds will be used to supplement working capital, to replace outstanding interest-bearing liabilities and for other purposes that comply with national laws and regulations.

Hon Hai’s board of directors approved issuance of up to NT$45 billion of corporate bonds on May 11.

The proposal for the RMB 6 billion of bonds must gain the approval of Foxconn’s shareholders, which would then be valid for 24 months.

Hon Hai Precision is a Tu-cheng, Taiwan, manufacturer of computer connectors, cable assemblies and enclosures.

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