The headquarters of South Korea’s top steelmaker POSCO in Seoul. (Yonhap)
SEOUL, Jan. 10 (Korea Bizwire) — POSCO, South Korea’s top steelmaker, said Tuesday it has raised US$2 billion by selling debts overseas, its largest-ever overseas debt sale.
The three-tranche debt comprises three-year bonds worth $700 million, five-year bonds worth $1 billion and 10-year debts valued at $300 million, according to the steelmaker.
POSCO’s bond sale marks the first time a South Korean firm has sold dollar-denominated debt since Dec. 15, when the U.S. Federal Reserve raised its key rate by 50 basis points.
POSCO said the proceeds from the debt sale will help beef up its cash flows down the road amid rising market rates.
In July last year, POSCO raised $1 billion by selling debts overseas. Early this month, the steelmaker also raised 700 billion won ($563 million) by selling unsecured debts locally.
(Yonhap)
