Hyundai buys back $198.8 million of 0% exchangeables due 2020 at par

By Susanna Moon

Chicago, June 29 – Hyundai Heavy Industries Co. Ltd. said it repurchased $198.8 million, or 89.71%, of its $221.6 million of 0% notes due 2020 exchangeable into shares of Hyundai Merchant Marine Co. Ltd.

The notes were repurchased at par with settlement set for Friday, according to a notice.

The notes are guaranteed by Korea Development Bank.

After the repurchase, there will be $22.8 million of the exchangeables left outstanding.

The notes were issued on June 29, 2015.

Seoul, South Korea-based Hyundai Heavy Industries builds ships for commercial and military purposes, and Hyundai Merchant Marine provides maritime transportation services.

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