South Korea's Shinsegae transfers 6 1/8% notes to spinoff E-Mart

By Marisa Wong

Madison, Wis., April 15 - Shinsegae Co. Ltd. said it will transfer its obligations under its $200 million 6 1/8% notes due June 27, 2011 to E-Mart Co. as part of a spinoff.

The issuer will be split into two separate entities on May 1. The issuer's department store operations will continue under the name Shinsegae, and the issuer's discount stores will operate under the name E-Mart.

E-Mart will be the primary obligor to the notes, effective May 1, but Shinsegae said it will remain an obligor to the notes and will retain joint and several liability.

Shinsegae is a Seoul, South Korea-based department store franchise.

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