SK하이닉스 (사진=연합뉴스)

 

[Alpha Biz=(Chicago) Reporter Kim Jisun] SK Hynix is going through a harsh winter due to sluggish demand for semiconductors and inventory adjustment of customers. 

 

SK Hynix decided to issue exchange bonds (EB) worth 1.5 billion dollars (about 1.9745 trillion won) at 1.75% interest rate to secure funds. It is intended to preemptively secure cash based on its own shares.

SK Hynix announced on the 3rd that it will issue EB worth $ 1.5 billion with 17,759,040 shares (2.4% stake) as its underlying asset. EB is a bond issued as collateral with treasury stocks held by companies. EB investors can exchange EB for company shares that issued EB after a certain period of time, and if they do not want to exchange, they can receive bond interest rates and repay them at maturity.

The issue date is the 11th of this month. The exchange price per week is set at 111,180 won. The EB maturity is seven years and can be exchanged for stocks from the 22nd of next month.

"This is to proactively raise funds as the opaque funding environment has arrived," SK Hynix said regarding the purpose of issuance. "We will use it as our own operating funds such as purchasing raw materials." 

 

SK Hynix is likely to suffer losses in the first quarter of this year for the second consecutive quarter following the fourth quarter of last year. SK Hynix recorded its first quarterly loss in 10 years, with an operating loss of 1.712 trillion won in the fourth quarter of last year.

Stock industry sources estimate that SK Hynix will also post trillions of won in losses in the first quarter of this year. Financial information provider FnGuide predicts SK Hynix will post an operating loss of KRW 3.558 trillion in the first quarter. Moody's, a credit rating agency, recently lowered its credit rating outlook from 'stable' to 'negative'.

 

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