Posco raising 52.8 bln yen in exchangeable bonds -source
HONG KONG, Aug 7 (Reuters) - South Korea's POSCO (005490.KS: Quote, Profile, Research), the world's No.4 steelmaker, was on Thursday selling 52.795 billion yen ($482.2 million) worth of bonds exchangeable for U.S. listed shares in SK Telecom (017670.KS: Quote, Profile, Research)(SKM.N: Quote, Profile, Research), a source familiar the deal said on Thursday.
The five-year, zero-coupon bonds are guaranteed by POSCO and exchangeable for shares in South Korea's SK Telecom at a 23 percent premium to the American Depositary Receipt's Wednesday closing price of $22.29.
ABN AMRO, Citigroup (C.N: Quote, Profile, Research), Deutsche Bank (DBKGn.DE: Quote, Profile, Research) and Goldman Sachs (GS.N: Quote, Profile, Research) were handling the deal. (US$=109.46 yen) (Reporting by Tony Munroe) (tony.munroe@reuters.com; Reuters Messaging: tony.munroe.reuters.com@reuters.net; +852 2843 6358, Fax +852 2845 0636))
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