Asia Cement raises US$220m from sale of five-year bond

Asia Cement raises US$220m from sale of five-year bond
10 May 2013


Asia Cement has raised US$220m from the sale of a five-year, zero-coupon convertible bond which it plans to use to repay maturing bonds.

Due to strong demand, the deal was upsized in full, or by 10 per cent. The transaction came after the Taiwanese company’s share price on Monday hit its highest close since December. It is the second US dollar CB out of Taiwan this year after Far Eastern International Bank raised US$150m from a zero-coupon deal in late January.

The company plans to use the proceeds to repay its outstanding domestic bonds denominated in NT dollars that mature in 2013 and 2014, according to the term sheet.

Published under Cement News

Tagged Under: Asia Cement Taiwan