Final placement by Hynix creditors nets $491 million

The creditors say their remaining 16.5% stake in the Korean memory-chip maker will be reserved for a strategic buyer.

Hynix Semiconductors' nine remaining creditors last night sold a combined 4.1% stake in the company through a placement, reaping W584.5 billion $491 million. This was the second sale of shares in the Korean memory-chip maker by the group this year and the second time that they managed to offload their shares at a zero percent discount.

The offering came after the company reported pretty good second quarter earnings, but the key reason why the demand was again strong enough to allow the trade to go ahead at market price was that the transaction removes the final overhang imposed by the creditors' repeated selling. Yesterday's sale will reduce their combined holdings to 16.5% from 20.6%...

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