First Steamship holders may put 0% convertible bonds due 2014

By Marisa Wong

Madison, Wis., Aug. 22 - First Steamship Co. Ltd. said it will redeem on Oct. 21 all or a portion of its outstanding $20 million zero-coupon convertible bonds due 2014 should bondholders exercise their put option.

The redemption price will be 103.02.

Holders can deliver tender notices from Aug. 22 to Oct. 8.

The company recently announced an adjustment to the conversion price of the 2014 convertibles. Effective Aug. 29, the conversion price is NT$36.00. The conversion price currently in effect is NT$36.50.

As reported by Prospect News, the company is also offering to repurchase its $45 million credit enhanced zero-coupon convertible bonds due 2015. The repurchase period for the 2015 bonds is from Aug. 15 through Sept. 15.

The closing price of the Taipei, Taiwan-based shipping company's stock as of Aug. 20 was NT$18.20.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.