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Biz News Korea(Eng)
LG Chem to issue record $923 mn of bonds on heated demand
- Collected
- 2018.02.13
- Distributed
- 2018.02.14
- Source
- Go Direct
The company said in a public disclosure Monday it has decided to raise its debt issuance volume from its initial offering of 500 billion won to 1 trillion won after the company drew 2.16 trillion won for its debts during a pre-auction for institutional players.
This would break its previous record offering of 800 billion won in May 2017.
The company plans to issue 190 billion won worth of debt with a maturity of three years, 240 billion won of five-year bonds, 270 billion won of seven-year bonds and 300 billion won of 10-year bonds. Detailed coupon rates would be announced on Feb. 19.
LG Chem said the proceeds would be used to invest in the expansion of production facilities at home and abroad and to redeem the maturing bonds of LG Life Science, which it acquired in early 2017.
“Our investors seem to be showing confidence in our solid performance over the years,” said Jeong Ho-young, chief financial officer at LG Chem.
For full 2017, the company posted its highest-ever operating profit and sales of 2.93 trillion won and 25.7 trillion won, up 24.4 percent and 47.0 percent, respectively, from the previous year.
As of 1:55 p.m., shares of LG Chem were down 1.21 percent at 367,500 won.
By Jung Hee-young and Kim Hyo-jin
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]