State-run Taiwan Power Co (Taipower, 台電) said yesterday it had sold NT$17.5 billion (US$571.3 million) in corporate bonds in an auction on Monday. 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$7.5 billion in five-year bonds, NT$3 billion in seven-year bonds and NT$7 billion in 10-year debts.
The latest auction was the company’s fifth sale this year after it sold NT$12 billion of bonds on Sept. 7. So far this year, Taipower has sold NT$73.8 billion of bonds following a total of NT$89.2 billion sold last year to fund capital expenditures on power generation.
Taipower said yesterday it planned to issue the new corporate bonds late next month. First Commercial Bank (第一商業銀行), Land Bank of Taiwan (台灣土地銀行), Bank of Taiwan (台灣銀行), Mega International Commercial Bank (兆豐國際商銀) and Taiwan Cooperative Bank (合作金庫銀行) will act as the guarantors 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 coupon rate of 1.3 percent on the five-year bonds, 1.48 percent on the seven-year notes and 1.61 percent for the 10-year securities. The company will repay bondholders in a lump sum at maturity, according to the statement.
Taipower has a long-term “twAAA” rating and short-term rating of “twA-1” at Taiwan Ratings Corp (中華信評), with a stable outlook on its credit profile.
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