Hynix convertible finally hits the market

Investors overcome aggressive fixed terms as the bonds are re-offered below par.

Korean memory chip maker Hynix Semiconductor Inc. returned to the capital markets last night with a $471.1 million five-year convertible bond that it had originally planned to sell together with the straight equity issue completed in June.

At that time the companyƆs creditors took priority and while they were able to raise a combined $1.2 billion in a market that was just coming out of a six-week correction, the company had to settle for $300 million worth of primary capital....

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