Taiwan Cement board approves up NT$20 billion of green bonds

Chicago, July 15 – The board of directors for Taiwan Cement Corp. have approved the issuance of up to NT$20 billion of green or social bonds, according to a notice.

The company can choose to issue bonds as domestic bonds denominated in New Taiwan dollars or U.S. dollars, U.S. dollar-denominated overseas bonds or an overseas private placement.

If the company chooses private placement, it needs to be issued on just one occasion within one year. If the bonds are domestic or an overseas issue, it can be multiple issues.

The bonds should be issued at par with a fixed-rate coupon and the tenor on any bonds should be less than 20 years.

Proceeds would be used to raise long-term operating capital, invest in domestic and overseas businesses, repay debt and enhance the financial structure of the company. Proceeds would also be used for green investment plans or other uses that could enhance and fulfill the corporate social responsibility of the company with positive social benefits.

Underwriters have not yet been chosen.

The cement and environmental engineering company is based in Taipei, Taiwan.

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