History haunts Hynix

High yield bond enables Korean chip manufacturer to graduate from creditor programme - at a price.

Hynix Semiconductor priced a two-tranche high yield bond in New York on Friday raising $500 million via joint bookrunners Deutsche Bank, Citigroup, Merrill Lynch and UBS.

Completion of the BB1 rated deal means Hynix will be able to release itself from a Creditors Restructuring Promotion Act CRPA 18 months ahead of schedule. Back in 2001, Hynix's creditors took control of the company via a debt-for-equity swap after it succumbed to a $10 billion debt...

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