daewoo-international-cb-upsized-to-300-million

Daewoo International CB upsized to $300 million

The Korean trading company makes its first foray into the capital markets since its post-Asian crisis restructuring with a well-received convertible.

Korean trading company Daewoo International has raised $300 million from a convertible bond that was well-received both by CB investors and the equity market. By using a structure with multiple resets that is common on domestic Korean CBs and by adding extra yield on top of the cash coupon if the bonds are held to put or maturity, the unrated issuer was able to keep down the annual cash interest costs. This was the company's first foray into the international capital markets since emerging from a group restructuring 10 years ago.

The deal, which was completed late Wednesday and arranged on a sole basis by Credit Suisse, was surrounded by none of the negative comments...

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