Hyundai Engineering to raise $100 million via bond sale

Hyundai Engineering & Construction hopes to solve its cash crisis via the issue of around $100 million in bonds.

Cash-strapped Hyundai Engineering Construction HEC plans to raise up to $100 million via a bond issue, according to a company spokesman. He denied a Maeil Business Newspaper report the issue will be exchangeable for shareholdings in Hyundai Motor and Hyundai Heavy Industries and also scotched market talk it would be guaranteed by Korea Development Bank KDB and Korea Export and Import Bank KEXIM.

We do have a plan to raise around $100 million, but by using different tools to that mentioned in the report, says the spokesman.

At end-May, HEC was forced to use its shareholdings in Hyundai affiliates as collateral to obtain an additional W200 billion about $179 million...

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