According to IHS Maritime, Hanjin Shipping, one of the biggest shipping companies at Sourh Korea, has announced today the issuance of convertible bonds in order to raise 9.2M dollars as working capital.
The rate of the convertible bonds will be 5.93% with a maturity interest rate will be 7.43%. The bonds are supposed to mature on September 2017 when the Company is supposed to repay the holders 104.9894% of what they had paid.
The last three years the Hanjin has reported consecutive losses with an increase to Company’s loans as well.
KDB Daewoo Securities, Samsung Securities, Woori Investment & Securities, Mirae Asset Securities, and Hyundai Securities have subscribed equally to the bonds.
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