Hynix reduces scale of high-risk bond sale
Hynix Semiconductor Inc., the second-largest maker of memory chips last year, cut the size of its high-yield, high-risk bond sale by 33 percent to $500 million, according to an e-mail sent to investors by one of the sale’s arrangers. Hynix, which was bailed out three times in 2001 and 2002, had planned to sell $750 million of bonds to help repay 1.5 trillion won ($1.5 billion) of debt early and regain management control from creditors, who own 81 percent of the company. Hynix, vulnerable to any downturn in the semiconductor industry, cut the sale on investor concern about its ability to pay bondholders should a fall in chip prices hurt its margins.
with the Korea JoongAng Daily
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