Korea's Hynix revises talk on $750 million two-part deal; pricing set for Friday

By Paul A. Harris

St. Louis, June 23 - Korea-based Hynix Semiconductor Inc. revised price talk on its restructured $750 million two-part offering of high-yield notes (B1/B+), according to a syndicate source.

Talk on the restructured seven-year fixed-rate notes was raised to the 10½% area from the 9¾% area. The tenor of the notes was decreased to seven years from 10 years, and call protection was decreased to four years from five years.

Meanwhile talk on the floating-rate notes was increased to six-month Libor plus 650 basis points, from the Libor plus 600 basis points area.

The books closed Thursday afternoon. Pricing is expected on Friday.

Citigroup, Deutsche Bank Securities, UBS Investment Bank and Merrill Lynch & Co. are joint bookrunners.

Proceeds will be used to repay debt.

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