HD Hyundai to issue 588.7 billion won in exchangeable bonds to repay debt next year

[Financial News] HD Hyundai will issue exchangeable bonds (EBs) worth 588.7 billion won to repay debt.
HD Hyundai disclosed on the 27th that it would issue 588.7 billion won in exchangeable bonds, with 2,383,269 shares of HD Hyundai Marine Solution as the underlying shares.
The HD Hyundai Marine Solution shares subject to exchange account for 5.32% of the company’s total shares. HD Hyundai holds a 55.32% stake in HD Hyundai Marine Solution.
The bonds will bear no interest in exchange for granting the right to exchange them for shares. The exchange price is 247,000 won, a 30% premium over the reference price of 189,895 won. The coupon rate and yield to maturity are 0%, and the bonds mature in five years.
The exchangeable bonds are being issued to repay borrowings. These include 200 billion won in corporate bonds maturing next year, 370 billion won in loans from Korea Development Bank (KDB), and 30 billion won in other loans.

[email protected] Kim Yun-ho Reporter