HD Hyundai's shipholding company, HD Korea Shipbuilding & Offshore Engineering, announced on the 25th that it will issue exchangeable bonds worth 600 billion KRW to secure operating funds.
These exchangeable bonds will be exchangeable for 1,730,576 shares of HD Hyundai Heavy Industries held by HD Korea Shipbuilding & Offshore Engineering. This corresponds to 1.9% of the total shares outstanding.
The interest rate is 0%, and the maturity is 5 years. The exchange price was set at 346,705 KRW per share, issued at a 10% premium over the reference stock price.
HD Korea Shipbuilding & Offshore Engineering plans to use the raised funds for research and development and investment in hydrogen fuel cells, small modular reactors (SMR), offshore wind power, and other areas.
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