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Korea Electric plans about $180 million of zero-coupon bonds exchangeable into LP Uplus shares
By Rebecca Melvin
New York, Dec. 30 - Korea Electric Power Corp. said it plans to price about $180 million of zero-coupon bonds exchangeable into common shares of LG Uplus Corp. through a placement to investors in Europe and Asia.
The Korean company said in a filing with the Securities and Exchange Commission that its board of directors has authorized sale of the exchangeables, with proceeds expected to be used for overseas natural resources development and other overseas businesses.
The bonds will be listed on the Singapore Exchange. The lead underwriters will be J.P. Morgan Securities Ltd. and Credit Suisse Securities (Europe) Ltd.
The bonds will be based on an exchange rate of won 1,155.50 per U.S. dollar.
The exchange period is expected to be from one month following issue to two weeks prior to the maturity date. The exchange price will be subject to certain anti-dilution provisions, and other terms and conditions of the bonds will be finalized subject to market conditions.
Korea Electric is a Seoul, Korea-based power company.
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