China Airlines (
The zero-coupon bonds will be sold at a conversion price of NT$17.50 a share, which the company fixed on Jan. 9, said Joseph Wu, the airline's spokesman. The price represents an 11 percent premium to the Jan. 9 closing stock price of NT$15.70 and a 1.7 percent discount to yesterday's close.
The airline estimated in September it would need about NT$130 billion for new aircraft it will buy through 2007. China Airlines in December 2002 ordered 10 Boeing Co 747-400s, including six cargo carriers, from the world's largest planemaker. The company also ordered 12 Airbus SAS A330-300 planes as it upgrades its fleet and tries to improve its image after its fifth fatal crash in 11 years in May 2002.
Barits International Securities Corp managed the offer.
The settlement date is scheduled for Feb. 9 to Feb. 13. Barits is a unit of Mega Financial Holding Co (
China Airlines shares rose 6.6 percent to close NT$17.80 yesterday. The stock has risen 21 percent this month.
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