kcc-raises-1-billion-from-exchangeable-bond

KCC raises $1 billion from exchangeable bond

Korea's largest equity-linked deal this year can be exchanged into shares of KCC, Hyundai Heavy Industries and Hyundai Merchant Marine.
Korean construction materials manufacturer KCC Corporation yesterday took the market by surprise by launching and completing a $1 billion exchangeable bond on a day when the Korean market fell 3.4%. The deal was also something of a coup for JPMorgan, which acted as the sole bookrunner û an unusual accomplishment on such a large transaction.

In fact, this was the largest equity-linked transaction in Korea so far this year, falling just below the $1.03 billion equivalent deal for Korea Electric Power Corp Kepco in November 2006 that was split into two tranches denominated in euros and yen.

The execution of yesterdayÆs deal too was made slightly easier by the fact that it is exchangeable...
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