UMC Offers Zero-Coupon Convertible Bond Offering
UMC (TAIPEI, Taiwan) announced that it has successfully launched and priced an offering of zero-coupon convertible bonds in the principal amount of $302.0 million, maturing March 1, 2004.
The offering is the second largest convertible bond ever issued by a Taiwanese company. The bonds were issued at 100 percent of par and are convertible into 129 million treasury shares held by UMC in either ordinary share or American depositary share form at the option of the holder. This marks the first Taiwanese convertible bond to use treasury stock as conversion property.