State-run Taiwan Power Co (Taipower, 台電) said yesterday it had sold NT$11.85 billion (US$370 million) in secured guaranteed corporate bonds in an auction and planned to use the proceeds to finance future development.
In a statement posted on its Web site, Taipower said it had auctioned NT$4.5 billion in seven-year bonds and NT$7.35 billion in 10-year bonds.
The auction was the company’s fifth sale this year and it attracted NT$32.75 billion in total bids, which represented 176.37 percent of the bond issue.
The Taipei-based utility sold NT$14.9 billion of bonds on July 9, NT$14.95 billion on May 28, NT$11.6 billion on April 22 and NT$17.9 billion on March 12.
So far this year, Taipower has sold NT$71.2 billion of bonds to fund new power generation projects. This follows NT$58.62 billion sold last year, according to the company’s previous statements.
Taipower said yesterday it planned to issue the new corporate bonds by the end of next month. Mega International Commercial Bank (兆豐國際商銀) will act as the guarantor for the proposed bond issue, with Yuanta Securities Co (元大證券) serving as the main underwriter, the statement said.
Based on the results of the auction, Taipower will pay a yield of 1.47 percent on the seven-year bonds and 1.64 percent on the 10-year bonds.
The seven-year and 10-year bonds will be repaid in a lump sum at maturity, the company said.
Taipower has a long-term “twAAA” rating at Taiwan Ratings Corp (中華信評), with a stable outlook on its credit profile.
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