Kiwoom Securities Issues ELB Series 1206-1208 Raising Approximately 11.3 Billion KRW with No Equity Dilution
Kiwoom Securities issued ELB series 1206 1207 and 1208 raising approximately 11.3 billion KRW in public offering funds.
Actual subscription amounts were about 3.9 billion 3.0 billion and 4.4 billion KRW respectively indicating lower subscription rates than planned.
The funds will be used for derivative hedging transactions representing a defensive debt financing.
Since these bonds have no conversion rights into common shares no dilution of existing shareholder value occurs.
[AI Summary]Kiwoom Securities ELB issuance is a small debt financing with no common stock dilution neutral to shareholder value. The use of funds is limited to hedging operations not growth oriented and investment risk is limited.