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Formosa Petrochemical issues NT$10.5 bln in bonds

Jun. 19, 2012 (China Knowledge) - Formosa Petrochemical Corp, the largest petrochemical conglomerate in Taiwan, said today that it has raised NT$10.5 billion through a bond offering.

The company said in a statement that it issued NT$6 billion in five-year bonds with a coupon rate of 1.35% and NT$4.5 billion in seven-year bonds with a coupon rate of 1.44%.

In April this year, the company floated NT$7.5 billion of bonds, including NT$5.5 billion in five-year bonds with a coupon rate of 1.30% and NT$2 billion in seven-year bonds with  a coupon rate of 1.44%.

Chairman Chen Bao-lang said last week that the company's sales so far this year were weaker than expected due to a slow recovery in the global economy. The company expected that its ethylene output for 2012 would rise 20% to 3.025 million metric tons and its propylene output grow to 2.409 million tons.

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