SK Telecom last night sold $300 million of five-year convertible bonds to raise the funds needed to cover the redemption of an outstanding CB that matures in May. The sale, which had been well-flagged by the Korean telecom operator earlier in the week, was considered crucial since it is the first CB of relevance by an Asian issuer since September and the level of success could determine whether other companies will follow suit.
According to sources last night, the deal was fully distributed in time for the US market opening and, while details of the subscription levels or number of investors weren't available, some investors at least had their orders scaled back. SK Telecom's...
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