LG Chem raising $2 bln in exchangeable bonds

Credit: REUTERS/Kim Hong-Ji

Adds detail on deal

SEOUL, July 11 (Reuters) - South Korea's LG Chem Ltd 051910.KS is raising $2 billion in bonds that will exchange for LG Energy Solution Ltd 373220.KSshares, according to a regulatory filing on Tuesday.

The bonds will be sold in five and seven year tranches, the company said, raising $1 billion each.

The five-year bond has a coupon range of 0.75% to 1.25% while the longer dated bond has 1.35% to 1.85% range, according to the filing.

LG Chem said it plans to use the newly raised $2 billion to finance its facility investment and operations for businesses, including battery-related materials and drug developments.

The bonds will be exchangeable into common shares of LG Energy Solution.

(Reporting by Scott Murdoch in Sydney and Heekyong Yang in Seoul; Editing by Himani Sarkar and Louise Heavens)

((Heekyong.Yang@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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