hynix-sets-conversion-price-for-domestic-cb

Hynix sets conversion price for domestic CB

The W500 billion bond, which opens for subscription tomorrow, will have a 30% conversion premium based on last Thursday's closing price.
South Korean memory-chip maker Hynix Semiconductor has fixed the conversion price for its W500 billion $462 million domestic convertible bond at W24,960 û a 30% premium to last ThursdayÆs closing price of W19.200. The bookrunners will accept orders tomorrow and on Wednesday and the deal will be wrapped up by Friday this week.

The bond, which was launched on August 20, replaces earlier plans for an international CB and will be used to cover an earlier $470.8 million Hynix CB that becomes puttable on September 29 and is trading deeply out of the money. Shinyoung Securities is the lead manager and Korea Development Bank is joint bookrunner for the domestic CB, which sources say...
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