Mosel Vitelic plans convertibles with maturity of up to seven years

By Susanna Moon

Chicago, March 20 – Mosel Vitelic Inc. said it plans to issue convertible bonds with a maturity of up to seven years in a private placement.

The total amount of the issue will be the number of common shares that can be converted within the limit of 100 million common shares, according to a company notice.

The par value will be NT$100,000 or US$10,000, and the issue price will be at least 80% of the theoretical price.

Proceeds will be used for capacity expansion, loan repayment, working capital or to support the company’s long-term development funding needs.

The conversion price will be no less than 80% of the higher of the following two reference prices:

• The simple arithmetical average closing price of the common shares of the company for either one, three or five consecutive business days before pricing date, after adjustment for any distribution of stock dividends, cash dividends or capital reduction; and

• The simple arithmetical average closing price of the common shares of the company for the 30 consecutive business days before pricing date, after adjustment for any distribution of stock dividends, cash dividends or capital reduction.

The company’s board of directors held a meeting Friday.

The integrated circuit and solar cell manufacturer is based in Hsinchu, Taiwan.

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