hynix-convertible-finally-hits-the-market

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 companyÆs 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. YesterdayÆs CB makes up the balance of the companyÆs original fund raising target of $700 million.

According to the term sheet, the proceeds will be used for general corporate purposes, which will include funding for...
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