Heungkuk Life to redeem subordinated securities after postponement

Chicago, Nov. 7 – Heungkuk Life Insurance Co., Ltd. announced, after some doubt, that it will be redeeming its $500 million 4.475% subordinated capital securities (ISIN: XS1712956967), according to a notice of optional redemption.

The redemption was originally planned for Nov. 1, but was postponed after “unnecessary concerns over the financial solvency of the issuer” had been raised.

The issuer said that affiliates and others have determined to support the capital expansion of the issuer, and thereby it is able to satisfy the condition necessary for the redemption of the securities.

The condition is that after the redemption of the securities the company’s risk-based capital adequacy ratio under the risk-based capital regime implemented by the Financial Supervisory Service of Korea is at or greater than 150%.

The securities will now be redeemed at par on Nov. 9, plus unpaid distributions to the redemption date.

Citibank, NA, London Branch is the paying agent.

The issuer is an insurance company based in Seoul.

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