Hynix secures strategic investor

Texas Instruments has taken a $100 million stake in an enlarged GDR and high yield bond offering.
The participation of the US semiconductor company provides one of the first concrete signs that Hynix Semiconductor's re-capitalization is moving towards a successful conclusion. It has helped push the global depository receipt GDR size up from $800 million to $900 million.

In advance of pricing this Friday, observers report that books for the equity deal are already oversubscribed, with tier one accounts now starting to bulk out demand that was earlier dominated by hedge funds. For Hynix and its lead manager Salomon Smith Barney, this positive momentum marks a very welcome turnaround from the widespread scepticism which first greeted news of a potential deal in early May.

When Hynix set out on...

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