Sat, Nov 17, 2012 - Page 13 News List

Taipower to sell bonds at 1.39 percent

By Kevin Chen  /  Staff reporter

State-run Taiwan Power Co (Tai- power, 台電) yesterday said it had sold NT$4.4 billion (NT$150.3 million) in 10-year corporate bonds via an auction earlier this week.

Taipower said it would pay a coupon rate of 1.39 percent on its 10-year debt. Proceeds from the sale will be used to finance future power generation needs, a company statement said.

During a previous bond sale on Oct. 12, Taipower paid a coupon rate of 1.41 percent on its 10-year debt.

The latest bond auction was Taipower’s sixth such sale this year. The company has sold NT$75.35 billion in bonds so far this year, compared with NT$91.7 billion last year and NT$89.2 billion in 2010, company data showed.

The company will issue the new bonds by the end of next month and will repay bondholders in a lump sum at maturity, it said in the statement. KGI Securities Co (凱基證券) will serve as the lead underwriter, it added.

Taiwan Ratings Corp (中華信評) has provided a stable outlook on Taipower’s long-term “twAAA” rating and its short-term rating of “twA-1.”

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