(Photo= Yonhap news)

 

[Alpha Biz= Reporter Kim Jisun] Korean Air announced on the 17th that it will participate in a 551.1 billion won paid-in capital increase conducted by Hanjin International (HIC), a US-based hotel subsidiary.

Korean Air acquires 231.21 million shares issued by HIC at 2,383 won per share. HIC will inject funds invested by Korean Air as loans to be paid to Standard Chartered Bank.

"HIC has been added to the burden of interest costs due to high-interest loans stemming from the rise in the U.S. benchmark interest rate," a Korean Air official said. "We will repay the entire loan early with the funds raised through this paid-in capital increase."

 

 

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