Tue, Feb 17, 2015 - Page 14 News List

Taiwan Cooperative organizes loan for Yieh Phui

Staff writer, with CNA

Taiwan Cooperative Bank (合作金庫) yesterday said that it has organized a US$40 million syndicated loan extended to a unit of Yieh Phui Enterprise Co (燁輝), one of the leading steelmakers in the country.

Taiwan Cooperative Bank, the banking flagship of Taiwan Cooperative Financial Holding Co (合庫金控), said that the loan to Yieh Phui (Hong Kong) Holdings Co (燁輝香港控股) with a maturity of three years is aimed at expanding the company’s working capital and improving its financial conditions.

The bank served as the coordinator for the loan, which is supported by the Land Bank of Taiwan (土地銀行), Mega International Commercial Bank (兆豐銀行), First Commercial Bank (第一銀行) and Sunny Bank (陽信銀行).

Taiwan Cooperative Bank said that the lenders used the London Interbank Offered Rate as the benchmark for the interest rate, but declined to disclose more information about the financial terms.

Yieh Phui Enterprise plans to continue to expand its production capacity in China and upgrade its production technology by entering the lucrative market of automotive steel to boost its bottom line, Taiwan Cooperative Bank said.

According to Yieh Phui’s financial statement filed with the Taiwan Stock Exchange, its total debt reached NT$39.87 billion (US$1.27 billion), including NT$14.48 billion in long-term debt with a maturity of more than one year, as of the end of September last year.

The latest total loan figure was higher than the NT$36.72 billion recorded at the end of December 2013.

At the end of September last year, Yieh Phui held US$8.96 billion in cash and cash equivalents, compared with NT$8.18 billion recorded at the end of December 2013.

In the first nine months of last year, Yieh Phui posted NT$0.48 earnings per share, up from NT$0.04 recorded over the same period of the previous year.

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