Dacom to sell bonds to expand business

Home > Business > Industry

print dictionary print

Dacom to sell bonds to expand business

Dacom Corp., South Korea’s second-largest long-distance phone carrier, said it plans to raise as much as $300 million this month by selling five-year bonds abroad as it expands to include Internet phone services. The company won board approval to sell the bonds in the United States and other European markets, it said in a regulatory filing yesterday. It also said it would apply to the government on March 31 for a license to include Internet phone services. After the company lost customers to bigger rivals such as KT Corp., Chief Executive Jung Hong-sik cut costs, sold assets and expanded Dacom's business to include local phone calls. Mr. Jung's expansion plans hit a stumbling block in December as Dacom was outbid by Hanaro Telecom Inc. to buy Korea Thrunet Co., the nation's third-largest high-speed Internet access provider. Dacom plans to get orders for the sale, arranged by Credit Suisse First Boston (Europe) Ltd., starting March 23, the company said. It will use the proceeds to repay debt. The company aims to begin commercial Internet phone call services in January 2006.
Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
s
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)