Korea’s Hanwha Life to redeem $1 billion 4.7% subordinated securities

By Mary-Katherine Stinson

Lexington, Ky., March 17 – Hanwha Life Insurance Co. Ltd. plans to redeem its $1 billion 4.7% subordinated capital securities (Cusip: 41135UAA3, Y306AXAB6), according to a redemption notice.

The securities will be redeemed at par on April 24, which is the first business day after the initial reset date.

The issuer was obligated to pay the optional redemption price of par based on the determination that the company’s solvency margin ratio would be equal or greater than 150% immediately after the redemption.

Citibank, NA London Branch is the paying agent.

Hanwha Life Insurance, based in Seoul, makes the claim that it is Korea’s oldest insurance company.

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