Taiwan's TECO plans up to RMB 3 billion three- or five-year bonds

By Marisa Wong

Madison, Wis., April 16 - TECO Electric & Machinery Co., Ltd. said it plans to issue up to RMB 3 billion of domestic bonds.

The company intends to issue the bonds at par with a maturity of three or five years.

The coupon will be fixed at a rate yet to be determined.

This will be the company's first issue of domestic renminbi-denominated bonds for 2013.

Proceeds will be used to expand working capital.

Based in Taipei, Taiwan, TECO manufactures household appliances, industrial motors and smart cards.

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