First Steamship to buy back $45 million 0% convertibles due 2015

By Marisa Wong

Madison, Wis., Aug. 12 - First Steamship Co. Ltd.'s board of directors has decided to repurchase and cancel $45 million of the company's credit enhanced zero-coupon convertible bonds due 2015, according to a Taiwan Stock Exchange announcement.

The repurchase period will be Aug. 15 through Sept. 15.

The repurchase price will range from 102.09 to 102.51.

The company recently announced an adjustment to the conversion price of the 2015 convertibles. Effective Aug. 29, the conversion price is NT$32.1.

The Taipei, Taiwan-based shipping company issued the bonds in June 2012.

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