Hyundai to raise loan<\/p>\n
SEOUL (AFP): South Korea's Hyundai Electronics America Inc.
\n(HEA) will issue floating rate notes (FRNs) worth US$340 million
\nJuly 10 in Hong Kong, an official said here yesterday.<\/p>\n
The FRN float by HEA, an American subsidiary of Hyundai
\nElectronics Co. was arranged to raise funds for the takeover of
\nNCR Microelectronics Product Division, a Hyundai spokesman said.<\/p>\n
The division is a subsidiary of AT and T GIS, a U.S.
\nnonmemory-chip firm, acquired by HEA in February.<\/p>\n
Korea First Bank will be the lead manager of the issue of
\nFRNs, with another 31 domestic and international banks being in
\nthe syndicating group.<\/p>\n
The FRNs mature in five years and their interest rates will be
\nLIBOR plus 0.5 percent, the leading bank said.<\/p>\n
\"There are many people who expect that the FRN issue will be
\nthe deal of the year 1995 in Asian syndication markets,\" an
\nofficial of Korea First Bank was quoted as saying.<\/p>\n
HEA was set up in 1983 in California, the United States, with
\n60-to-40 investments by Hyundai Electronics and its sister firm
\nHyundai Heavy Industries Co.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/hyundai-to-raise-loan-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}