Hynix to Offer $1.35 Billion Of Receipts, Bonds in May

Hynix Semiconductor Inc., formerly Hyundai Electronics Industries Co., will offer $1.35 billion worth of overseas depositary receipts to global investors next month.

An official of Korea Exchange Bank, Hynix Semiconductor's chief creditor bank, made the announcement Tuesday.

He said that Salomon Smith Barney, a financial services advisor to the chipmaker, has drawn up with a plan to issue $1 billion won worth of depositary receipts and $350 million worth of high-yield bonds in May.

"At the beginning of May, Hynix and Salomon Smith Barney plan to host road shows in the U.S. to attract foreign investors. The listing of overseas depositary receipts is expected at the end of that month," the official said.

"Salomon Smith Barney believes that Hynix depositary receipts will be sold easily in overseas markets," he added.

Announcing rescue measures last Friday to stave off a liquidity crunch, the chipmaker said that it would try to attract $1 billion worth of new funding from Europe and the United States.