Taipei: Yang Ming’s ambitious convertible bond issue will go ahead, though not for as much cash as originally planned. The Taiwanese liner expects to raise NT$6.2bn, a big drop from the earlier announced figure of NT$8.3bn.
Guarantees for the seven-year bond were agreed yesterday by the lead arrangers and bookrunners. Yang Ming will use the cash to improve its finances. It is likely to use some of the money to pay for the quintet of 14,000 teu ships it intends to order shortly. [26/06/12]