LG Uplus, the telecommunications firm that was set up through a three-way merger between LG Telecom and two other group companies in January this year, has sold $300 million worth of bonds convertible into treasury shares. The deal was launched after the Korean market closed yesterday and completed within three hours.
Analysts have noted that a monetisation of the treasury shares, which were created in connection with the merger and account for about 16% of the outstanding share capital, would have a positive impact on the firm’s valuation and perhaps partly because of that, the deal was well received, allowing for the $100 million upsize option to be exercised in full.
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