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Korea’s Mirae Asset Daewoo to invest $214mn in Posco Energy

Collected: 2017.02.21

Distributed: 2017.02.24

Source: Go Direct

Posco Energy is about to draw fresh capital of 245 billion ($213.5 million) from Mirae Asset Daewoo Securities Co. through issue of redeemable convertible preferred shares in the energy firm to raise proceeds to pay off maturing debt.

The deal can give the asset company around 13 percent interest in the energy unit of steelmaking Posco. The preferred securities can either be converted into common shares paying dividends or can be redeemable as debt upon maturity.

Mirae Asset Daewoo plans to resell 140 billion won worth of the securities to other institutional players.

Posco Energy’s financing plan requires board approval in a meeting on Wednesday.

The scheme is to raise funds to pay off 280 billion won obligation to private equity firm Skylake Investment Co. due in March.

By Kang Doo-soon and Han Woo-ram

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