Naver Increases Overseas Bond Issuance by $300 Million "First Domestic Private Company"

[Image source=Yonhap News]

[Asia Economy Reporter Buaeri] Naver announced on the 6th that it has increased the issuance of overseas bonds by $300 million.

In March, Naver issued $500 million worth of sustainable bonds maturing in 2026. Due to steady additional demand from investors, Naver conducted a 'reopening' to increase the existing bonds and raised an additional $300 million. The total size of Naver's sustainable bonds now amounts to $800 million, making it the largest in South Korea.

A Naver official stated, "The reopening of overseas bonds is significant as it is the first case among domestic private companies."

Naver explained that it initially aimed to raise $200 million, but based on actual demand from high-quality overseas investors, it increased the amount by $300 million, exceeding the original target.

By region, 88% was allocated to Asia and 12% to Europe. By investor type, 66% was allocated to asset management companies, 33% to banks and private banking (PB), and 1% to insurance companies and other investors.

Regarding this increased issuance, Moody's and Standard & Poor's judged that there is no impact on Naver's credit ratings (A3 stable/A- stable), and even considering the increased issuance, they expect Naver to maintain a low level of leverage ratio.

Park Sang-jin, Naver's Chief Financial Officer (CFO), said, "Through this reopening, we reaffirmed investors' positive trust in Naver's ESG (Environmental, Social, and Governance) management, and we will further accelerate investments in eco-friendly and social initiatives in the future."

This content was produced with the assistance of AI translation services.