Asia Cement Corp plans US$200m convertible bond issue – report

Taiwan-based Asia Cement Corp is planning a US$200m convertible bond issue to repay debts, according to Dow Jones Newswires Tuesday.

The Taiwanese company is selling the five-year zero-coupon bond convertible into its Taipei-listed ordinary shares at an indicative price range of TWD46.13 and NT$48.00, representing a premium of 23-28 per cent above the stock's Tuesday closing price of NT$37.50, two term sheets seen by Dow Jones shows.

There is an option to raise an additional US$20m from the deal, the term sheets also showed.