Yuen Chang Stainless publishes correction for bond put option

By Mary-Katherine Stinson

Lexington, Ky., Oct. 4 – Taiwan’s Yuen Chang Stainless Steel Co. Ltd. published a corrected announcement on Oct. 4 regarding the put option exercise for its third issued domestic unsecured convertible corporate bonds (Yuenchang 4).

The company clarified that bondholders may exercise their put option during the exercise period of Oct. 26 to Nov. 25. An announcement on Oct 3 stated that the end of the exercise period would be moved forward one business day before expiration, to Nov. 24, because of a holiday.

As previously reported, the bond put price is 101.0025.

The option exercise will be effective from the time of receipt.

Bondholders must notify the company in letter form if they wish to participate.

Settlement will be Dec. 1, the fifth business day of the standard date of the put option exercise.

Taishin Securities Co. Ltd. is the agent for stock affairs.

The bonds were originally issued with a tenor of two years. After-two-years-issuance, the premium is 1.0025% of its par value.

The stainless steel manufacturer is based in Kaohsiung, Taiwan.

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