Taiwan Styrene Monomer resolves to issue secured convertible bonds

By William Gullotti

Buffalo, N.Y., Nov. 8 – Taiwan Styrene Monomer Corp.’s board of directors resolved to issue domestic first secured convertible corporate bonds with a three-year tenor, according to a regulatory notice on Wednesday.

The board intends to issue up to NT$500 million of 0% bonds at no less than the NT$100,000 face value.

The bonds will be offered via a public offering entirely through a bidding auction.

First Securities Inc. is the underwriter.

Offering proceeds will be used to repay loans from financial institutions and to strengthen the company’s financial structure.

The company is a manufacturer of styrene monomer, an ingredient of polystyrene, and a seller of LCDs through its subsidiaries.

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