Taipower sells US$120 mil. of bonds to fund expansion

Updated Friday, November 21, 2008 10:38 am TWN, Bloomberg

Taipower sells US$120 mil. of bonds to fund expansion

TAIPEI, Taiwan -- Taiwan Power Co., the island’s biggest electricity producer, sold NT$4 billion (US$120 million) of bonds to fund the purchase of new generators and to build transmission lines.

The state-run utility sold NT$3.3 billion of five-year notes and NT$700 million of 10-year bonds, Taipei-based Taiwan Power said in an e-mailed statement today. The sale today brought the company’s total debt sold this year to NT$63 billion.

Taiwan Power, also known as Taipower, is spending NT$160 billion on power plants and networks this year. The utility’s electricity sales increased 1.5 percent in the 10 months to October, Chief Engineer Tu Yueh-yuan said yesterday.

The five-year securities priced yesterday will pay an annual interest of 2.15 percent, and the 10-year debt 2.35 percent, the company said.

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