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SHIPBUILDER HYUNDAI HEAVY EYES US$216 MLN DEBT SALE IN APRIL.
SEOUL, April 1 Asia Pulse - Hyundai Heavy Industries Co. (KSE:009540), the world's leading shipyard, is planning to sell 300 billion won (US$216 million) worth of debt this month as part of efforts to secure cash amid falling orders, industry sources said Wednesday.
According to the sources, the shipbuilder is expected to announce its detailed plan on the debt sale next week. The size of the planned sale of three-year debt is much smaller than the estimated one trillion won expected by the market.
"Hyundai Heavy's planned debt sale means that the shipbuilder is not facing difficulty in its cash flows," said Lee Sang-hwa, an analyst at Hyundai Securities (KSE:003450). "But if the company fails to win orders in the second half, it could tap the debt market again," he added.
Hyundai Heavy's cash and cash equivalent holdings are estimated to have dropped to 1.5 trillion won at the end of March from 2.34 trillion won at the end of last year.
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Source: HighBeam Research, SHIPBUILDER HYUNDAI HEAVY EYES US$216 MLN DEBT SALE IN APRIL.