State-run Taiwan Power Co (Taipower, 台電) said yesterday it had sold NT$11.6 billion (US$369.6 million) worth of unsecured guaranteed corporate bonds in an auction. The company plans to use the proceeds to support its capital requirements.
In a statement posted on its Web site, the company said it auctioned off NT$2.6 billion in five-year bonds, NT$3 billion in seven-year bonds and NT$6 billion in 10-year bonds.
Yesterday’s auction was the company’s second sale this year after it sold NT$17.9 billion of bonds on March 12. So far this year, Taipower has sold NT$29.5 billion of bonds following a total of NT$58.62 billion sold last year to fund capital spending on power generation.
Taipower said yesterday it planned to issue the new corporate bonds in early June. Taipei Fubon Bank (台北富邦銀行) and Mega International Commercial Bank (兆豐國際商銀) will act as the guarantors for the proposed bond issue, with Standard Chartered Bank Taiwan Ltd (渣打銀行) serving as the main underwriter, the statement said.
Based on the results of the auction, Taipower will pay a yield of 1.38 percent on the five-year bonds, 1.75 percent on the seven-year notes and 1.83 percent for the 10-year securities.
The seven-year and 10-year bonds will be repaid in a lump sum at maturity, while the five-year bond will be repaid in two equal installments, one each in the fourth and fifth years, respectively, Taipower said.
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