New Issue: Hynix prices $500 million 10-year notes at par to yield 7 7/8%

By Paul A. Harris

St. Louis, June 20 - Hynix Semiconductor Inc. priced a $500 million issue of 10-year senior unsecured notes (Ba3/BB-/BB) at par to yield 7 7/8% on Wednesday, according to a market source.

The yield came at the tight end of the 7 7/8% to 8% price talk, which had been lowered from earlier talk in the 8 1/8% area.

Citigroup, Credit Suisse, Goldman Sachs & Co., Korea Development Bank and Merrill Lynch & Co. were joint bookrunners for the Rule 144A and Regulation S notes.

Proceeds will be used to redeem $500 million or the company's 9 7/8% senior notes due 2012.

Hynix Semiconductor has headquarters in Kyongki-do, South Korea.

Issuer:	Hynix Semiconductor Inc.
Amount:	$500 million
Maturity:	June 27, 2017
Security description:	Senior unsecured notes
Bookrunners:	Citigroup, Credit Suisse, Goldman Sachs & Co., Korea Development Bank, Merrill Lynch & Co.
Coupon:	7 7/8%
Price:	Par
Yield:	7 7/8%
Spread:	276 bps
Call features:	Callable on June 27, 2012 at 103.938, 102.625, 101.313, par on and after June 27, 2015
Trade date:	June 20
Settlement date:	June 27
Ratings:	Moody's: Ba2
	Standard & Poor's: BB-
	Fitch: BB
Distribution:	Rule 144A/Regulation S
Price talk:	7 7/8% to 8% (lowered from 8 1/8% area)

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