A 104 million share offering for Korean chip manufacturer Hynix Semiconductor was priced after Seoul's close yesterday October 26 raising $1.9 billion for the company's bank creditors. The sale of a 23.4% stake was described as a struggle, but eventually came together on the final day of the bookbuild after the leads incorporated a relatively generous discount to counter poor market conditions.
Hynix has not had much success timing recent capital markets deals. Back in July it had to pay a hefty premium for a $500 million high yield bond deal, which has since tightened over 200bp in the secondary market.
This time round it hit the...
