LG Uplus seeks to monetise treasury shares via $300 million CB

The deal features an innovative coupon and dividend protection structure to push investors to convert early and is also the first CB to effectively be denominated in Korean won and settled in US dollars.

LG Uplus, the telecommunications firm that was set up through a three-way merger between LG Telecom and two other group companies in January this year, has sold $300 million worth of bonds convertible into treasury shares. The deal was launched after the Korean market closed yesterday and completed within three hours.

Analysts have noted that a monetisation of the treasury shares, which were created in connection with the merger and account for about 16% of the outstanding share capital, would...

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