POSCO Future M to Issue 600 Billion KRW of New Hybrid Capital Securities
POSCO Holdings to Acquire for 500 Billion KRW
POSCO Future M announced on the 1st that it will issue new hybrid capital securities worth 600 billion KRW. This is the first time the company has issued perpetual hybrid capital securities since its establishment.
The redemption maturity is 30 years, and the purpose of the fund raising is 300 billion KRW for operating funds and 300 billion KRW for acquiring securities of other corporations. Of the issuance amount, 500 billion KRW will be subscribed by the holding company POSCO Holdings, and 100 billion KRW will be participated by external investors.
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The coupon rate will be the yield of POSCO Future M's 5-year maturity corporate bond as evaluated by a private bond rating agency plus an additional 1.45% per annum. The final interest rate will be confirmed at the time of the securities issuance on the 18th of next month.
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