koreas-taihan-executes-rare-equitylinked-deal

Korea's Taihan executes rare equity-linked deal

The manufacturer of cables and wires sells $410 million of CBs and bonds-with-warrants after another weak day in the markets.
KoreaÆs Taihan Electric Wire yesterday braved a sluggish market with the sale of Eur280 million $410 million of equity-linked debt to cover last weekÆs acquisition of a stake in Italy-based Prysmian Cables Systems from a private equity unit of Goldman Sachs.

The Eur392 million outlay for a 9.9% stake in Prysmian, which specialises in high value-added technology products such as submarine cables and extra-high voltage cables, and ranks as the worldÆs largest cable company, was paid in cash. However, yesterdayÆs transaction will allow Taihan to refinance its short-term credit lines and ensure its cash position remains in good shape, sources say. The Korean company makes cables and wires for the power and communications industries and...
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