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LG Chem Ltd., South Korea's top chemicals firm, said Monday that it plans to sell 800 billion won ($712 million) worth of debt to fund the expansion of its facility and refinance short-term maturing debt.
In a regulatory filing, LG Chem said it has originally planned to sell 500 billion won worth of debt, but jacked up the amount given strong demand for the debt issue.
The bond issue is the largest for the company since 2012.
In a book building process for institutional investors, orders for the debt sale amounted to a total of 1.77 trillion won, LG Chem said.
The debt issue is split into three tranches -- 120 billion won in three-year bonds, 400 billion won in five-year debt and 280 billion won in seven-year.
The pricing of the debt issue will be determined on May 18.
The proceeds from the debt sale will be used to finance facility expansion and refinance maturing debt, LG Chem said. (Yonhap)
