LG Chem issuing $1.1 billion of bonds, mostly ESG bondsLG Chem announced in corporate filing Monday that it will issue 1.2 trillion won ($1.1 billion) of bonds to fund its carbon neutral strategy and new growth drivers such as battery materials.
Of the 1.2 trillion won, the chemical company will issue 820 billion won in environmental, social and governance (ESG) bonds. The bonds will be used to fund company's infrastructure development so less carbon is emitted during production, to produce more electric car battery materials and to reduce industrial accidents.
The remaining 380 billion won will be used to pay back debt and to invest in petrochemical infrastructure, the company said.
The rate for the bonds will be fixed on Thursday.
BY KIM JEE-HEE [firstname.lastname@example.org]