State-run Taiwan Power Co (Taipower, 台電) yesterday said it had sold NT$16 billion (US$541.2 million) in unsecured corporate bonds in three tranches via an auction on Wednesday.
Proceeds from the sale will be used to finance future development, it said.
In a statement posted on its Web site, the company said it auctioned NT$4.5 billion in five-year bonds, NT$4.3 billion in seven-year bonds and NT$7.2 billion in 10-year debts.
The latest auction was the company’s first bond sale this year after it sold NT$91.7 billion in bonds last year.
In 2010, Taipower sold a total of NT$89.2 billion in bonds to fund capital expenditures on power generation.
Taipower said yesterday it planned to issue the new corporate bonds late next month, with Yuanta Securities Co (元大證券) serving as the lead underwriter, the statement said.
Based on the results of the auction, Taipower will pay a coupon rate of 1.5 percent on the 10-year debts, compared with the 1.295 percent yield yesterday on 10-year government bonds due in March 2022, GRETAI Securities Market data showed.
Taipower will pay a coupon rate of 1.23 percent on its five-year bonds and 1.37 percent on its seven-year debts, according to the statement.
The company will repay bondholders in a lump sum at maturity, it said.
Taipower has a long-term “twAAA” rating and short-term rating of “twA-1” at Taiwan Ratings Corp (中華信評), with a stable outlook on its credit profile.
Separately, Taipower said it planned to recruit 654 new employees this year, with a starting salary of NT$35,000 per month, as the company aims to bring in new blood to revitalize its operations.
Taipower’s staffing demand is part of the recruitment plans by five state-owned enterprises under the supervision of the Ministry of Economic Affairs for this year. Overall, these firms plan to recruit 1,013 employees this year, according to a statement issued by the ministry yesterday.
The other four companies are Taiwan Sugar Corp (台糖), CPC Corp, Taiwan (台灣中油), Taiwan Water Corp (台灣自來水) and Aerospace Industrial Development Corp (漢翔航空).
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