Hynix completes equity re-capitalization

In the face of its many doubters, Hynix has persuaded equity investors to swing behind its re-capitalization.

Described by Chairman and CEO CS Park as the first market-driven restructuring in Korean corporate history, Hynix's $1.25 billion GDR stands almost unique among global public equity offerings. At its crux, lies an interdependence of GDR and bank re-financing, such that the latter has been wholly contingent on the completion of the former.

The debt rescheduling, which accompanied the deal and is said to give the company an 18 month window even if DRAM prices fail to recover, makes Hynix's re-capitalization one of the most complicated offerings Asia's markets have seen to date. Yet, for lead manager Salomon Smith Barney, its ultimate success should now consolidate the...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222