Friday, November 9, 2012

[Marine] Daewoo issues bonds again

Daewoo issues bonds again

Daewoo Shipbuilding & Marine Engineering has kicked off a KRW 500bn ($461m) bond run, by issuing the paper in two separate batches with three-year and five-year maturity.

Sources said that the Korean shipbuilder has recently started supervisor selection.

Daewoo is said to use raised funds for repayment of short-term debt and working capital.

If Daewoo succeed to issue bonds this time, then Daewoo would secure a total of KRW 1trn from bond market this year.

As orders for offshore plant, mostly contracted in heavy-tail payment, increases, Daewoo seems to secure funds in advance.



Published : November 8, 2012


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