Hanjin Shipping to issue USD 150 million in foreign currency bonds

Hanjin Shipping will issue foreign currency bonds at the beginning of April. The issuance will be USD 150 million with the Korean Development Bank (KDB) superintending.

A representative from Hanjin Shipping said the raised funds will be used for debt redemption of liabilities denominated in foreign currency and operating capital.

The carrier also is pushing forward a plan for issuing company stocks in Korean won of about KRW 50 billion.

Tongyang Securities and KDB Daewoo Securities will superintend and the underwriter group will be organized by Korea Investment & Securities.

The Korean company's bonds will reach maturity in April and May. The total bonds are KRW 360 billion - KRW 110 billion will be over April and KRW 250 billion in May.

Meanwhile, the company issued USD 90 million of foreign private placement bonds in 2009. As of the end of the last September, Hanjin Shipping's outstanding issue was USD 45 million. Hanjin Shipping issued the bond payable in three years with a two-year grace period and the final maturity to expire at the end of the year. < 김보람 기자 brkim@ksg.co.kr >