Consolidated Financial Statements - Acer Group

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36ACER INCORPORATED AND SUBSIDIARIESNotes to Consolidated Financial Statements (continued)B. In the event that the Company‟s common shares are officially delisted from the TaiwanSecurities Exchange, each bondholder shall have the right, at such holder‟s option, torequire the Company to redeem the 2017 Bonds, in whole or in part, at 2017 EarlyRedemption Amount. The 2017 Early Redemption Amount represents an amount equalto 100% of the principal amount of the 2017 Bonds plus a gross yield of 2.5% per annum(calculated on a semi-annual basis) at the relevant date.C. If a change of control (as defined in the issue terms) occurs, each bondholder shall havethe right, at such holder‟s option, to require the Company to redeem the 2017 Bonds, inwhole or in part, at 2017 Early Redemption Amount.vii. Redemption at the option of the CompanyThe Company shall redeem the 2017 Bonds, in whole or in part, at the 2017 EarlyRedemption Amount, in the following cases:A. At any time on or after August 10, 2013 and prior to the maturity date, the closing price(translated into US dollars at the prevailing rate) of its common shares on the TaiwanStock Exchange is at least 130% of the 2017 Early Redemption Amount for 20consecutive trading days.B. If more than 90% of 2017 Bond has been redeemed, repurchased and cancelled, orconverted;C. The change in the tax regulations of ROC causes the Company become obliged to payadditional amounts in respect of taxes or expenses.viii. Redemption Amount at MaturityUnless previously redeemed, repurchased and cancelled, or converted, the Company shallredeem the 2017 Bonds at a redemption price of their principal amount plus a gross yield of2.5% per annum (calculated on a semi-annual basis) on August 10, 2017.(17) Long-term debtsDecember 31, 2011 December 31, 2010NT$ US$ NT$Citibank syndicated loan 9,000,000 297,128 12,200,000Other bank loans 123,094 4,064 121,933Less: current installments - - (6,100,000)9,123,094 301,192 6,221,933(Continued)
37ACER INCORPORATED AND SUBSIDIARIESNotes to Consolidated Financial Statements (continued)The Company entered into two syndicated loan agreements with Citibank, the managing bank of thesyndicated loan, in November, 2011 and October 2007, respectively, and the terms of the loanagreements were as follows:December 31,December 31, 2011 2010Type ofLoan Creditor Credit Line Term NT$ NT$ NT$UnsecuredloanCitibankand otherbanksTerm tranche of NT$9billion; five-year limitduring whichrevolving creditsdisallowedThe loan is repayable in 5semi-annual installmentsstarting from November2014.9,000,000 297,128 -Revolving tranche ofNT$6 billion;five-year limitOne-time repayment infull in November 2016.The Company has notused this credit facility. - - -UnsecuredloanCitibankand otherbanksTerm tranche ofNT$16.5 billion;five-year limit duringwhich revolvingcredits disallowedThe original loanamounted to NT$16.5billion; an advancerepayment of NT$4.3billion was made in thefirst quarter of 2008.The remaining balancewas repaid in November2011. - - 12,200,000Less: current installment - - (6,100,000)9,000,000 297,128 6,100,000The above syndicated loans bore interest at an average rate of 1.33% in 2011 and 1.55% in 2010.According to the loan agreements, the Company is required to maintain certain financial ratioscalculated based on its annual and semi-annual audited consolidated financial statements. As ofDecember 31, 2011 and 2010, the Company was in compliance with all such financial covenants.(Continued)
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Consolidated Financial Statements - Acer Group

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