By Mary-Katherine Stinson
Lexington, Ky., April 11 – SK Hynix Inc. sold $1.7 billion 1.75% convertible bonds due April 11, 2030 (Baa2), according to multiple notices.
The issue was upsized from $1.5 billion.
The bonds priced with a 27.5% initial conversion premium.
Price talk on the coupon was expected to be in the range of 1.25% to 1.75%.
The bonds will be listed on the Singapore Exchange effective April 12.
The bonds are callable starting April 25, 2028 subject to a 130% hurdle.
Merrill Lynch International was the lead underwriter.
The bonds will be used for operating capital.
Icheon, South Korea-based SK Hynix is a memory semiconductor supplier of dynamic random-access memory chips and flash memory chips.
| Issuer: | SK Hynix Inc.
|
| Amount: | $1.7 billion
|
| Issue: | Convertible bonds
|
| Maturity: | April 11, 2030
|
| Bookrunners: | Merrill Lynch International
|
| Coupon: | 1.75%
|
| Price: | Par
|
| Yield: | 1.75%
|
| Conversion premium: | 27.5%
|
| Call features: | Starting April 25, 2028 subject to 130% hurdle
|
| Puts: | April 11, 2027
|
| Trade date: | April 3
|
| Settlement date: | April 11
|
| Ratings: | Moody’s: Baa2
|
| Price talk: | 1.25% to 1.75% coupon
|
| Stock symbol: | KRX: 000660
|
| Stock price: | KRW 87,200 on April 3
|
| Market capitalization: | KRW 66.83 trillion
|
| ISIN: | XS2607736407
|
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