Korea Daewoo Intl sells $300 mln convertible bonds
SEOUL, June 25 (Reuters) - South Korea's Daewoo International Corp (047050.KS) has sold $300 million worth of five-year convertible bonds to foreign investors, the trading and energy company said on Thursday.
It was the first sale of a global convertible bond for Daewoo International after it was spun off from the failed Daewoo Group in 2000. The proceeds would be used to pay back short-term debt and to expand overseas business, the company said in a statement.
The bonds were offered at an annual coupon of 3.25 percent, with an option that they could be converted into Daewoo shares a year later at a 30 percent premium.
Credit Suisse (CSGN.VX) underwrote the bond issues, which were to be listed on Singapore stock exchange.
Separately, Korea Asset Management Corp Chief Executive Lee Chol-hwi said on Wednesday that an improving economic climate was allowing the state debt clearer to move more quickly with the planned sale of a stake in Daewoo International. [ID:nHKG191629]
Shares of Daewoo International ended 2.6 percent lower at 27700 won.
(Reporting by Kim Yeon-hee; Editing by Saeed Azhar)
