Formosa Chemicals & Fibre Corp. plans to issue NT$12 billion ($380 million) in unsecured corporate bonds in 2025, expanding a debt-raising spree across Taiwan’s largest petrochemical conglomerate.
The bonds will be issued in tranches with varying maturities and can carry either fixed or floating interest rates, the company said in an exchange filing. The proceeds will fund domestic and overseas investments, facility upgrades, and working capital needs.
The announcement comes as Formosa Plastics Group companies step up debt issuance. Formosa Plastics Corp. raised NT$14.6 billion through two bond sales this year, while Formosa Petrochemical Corp. approved plans for a NT$10 billion note offering.
Despite having NT$8 billion in unused funds this year, Formosa Chemicals is looking ahead to 2025 capital needs. The company’s November revenue rose 2% month-on-month to NT$27.3 billion, helped by increased polypropylene exports and resumed operations at its ARO-3 plant.
The funding plans emerge as foreign investors exit Formosa Group stocks. Formosa Chemicals shares fell to NT$30.45 on Wednesday, their lowest level since 2002.
