Hyundai Engineering block swept up at 3% discount

The $618 million sell-down by a group of creditors attracts $8 billion worth of demand.

A group of Hyundai Engineering Construction's major creditors last night sold an 11% stake in the company in a highly sought-after deal, which allowed them to raise W779.9 billion $618 million.

This is Korea's second largest sell-down this year after Royal Philips Electronics' $794 million exit from LG Display, which was completed on March 11, just as the Asian equity markets began the recovery that is now into its ninth week. Partly because of the improved market backdrop since then, the Hyundai transaction was able to achieve a significantly tighter discount of only 3%, versus 7.9% for LG Display.

The shares were offered at a discount range of 3% to 6% versus yesterday's close...

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