Asus 2009 Annual Report Download - page 115
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111
ASUSTEK COMPUTER INC.
Notes to Financial Statements
(7) Bonds payable
A. The Company issued the first Euro unsecured convertible bonds (ECB 1) on the Luxembourg
Stock Exchange on January 15, 2004, with a zero-coupon rate, a duration of five years, and a
face value of US$320,000,000. The details of ECB 1 are as follows:
2009/12/31 2008/12/31
Aggregate principal amount (USD 320,000,000) $ 10,822,400 10,822,400
Converted amount (USD 273,711,000) (9,256,906) (9,256,906)
Redeemed amount (USD 46,289,000) (1,565,494) -
Premium on bonds payable (USD 2,000) - 68
Foreign currency exchange gain - (113,797)
- 1,451,765
Less: Convertible bonds payable – due within
one year - (1,451,765)
Corporate bonds payable – net $ - -
The Company classified ECB 1 under current liabilities beginning March 31, 2008, since the
maturity date of convertible bonds was on January 15, 2009.
B. The Company issued redeemable domestic unsecured convertible bonds with a zero-coupon rate
and a face value of $12,000,000 on November 7, 2006. In accordance with SFAS No. 36, the
Company separated the embedded derivative debt and non-derivative debt components as
follows:
The main debt component at issuance $ 10,653,600
The embedded derivative debt at issuance 1,346,400
The total amount of the convertible bonds at issuance $ 12,000,000
The main issuance terms of the domestic unsecured convertible bonds are as follows:
(a) Duration of issuance: 5 years (from November 7, 2006, to November 7, 2011.)
(b) Conversion period: Each bondholder has the right to convert all or from time to time any
portion of its convertible bonds into common shares during the conversion period (up to 31
days after the original issued date to 10 days before the maturity date).
(c) Conversion price and adjustment: The conversion price is NT105.4 dollars per common
share initially. The conversion price will be adjusted upon the occurrence of an increase in
the number of common shares. The Company adjusted the conversion price to NT74.8
dollars on August 24, 2009. Furthermore, the conversion price was reset to NT68.7
dollars on October 1, 2009, in accordance with certain conversion terms.