Hynix Semiconductor priced a two-tranche high yield bond in New York on Friday raising $500 million via joint bookrunners Deutsche Bank, Citigroup, Merrill Lynch and UBS.
Completion of the BB1 rated deal means Hynix will be able to release itself from a Creditors Restructuring Promotion Act CRPA 18 months ahead of schedule. Back in 2001, Hynix's creditors took control of the company via a debt-for-equity swap after it succumbed to a $10 billion debt burden and severe industry downturn.
In order to begin the process of re-gaining management control, Hynix needed to re-pay them. It initially set out with plans to raise $2 billion, of...
