Taiwan's TECO to issue up to NT$3 billion 0% three-year convertibles

By Marisa Wong

Madison, Wis., May 2 - TECO Electric and Machinery Co., Ltd. said its board of directors has approved the issuance of up to NT$3 billion of 0% three-year domestic convertible bonds.

The bonds will be priced between par and 100.2.

This will be the company's third issue of domestic convertible bonds.

Proceeds will be used to repay bank loans.

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

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