South Korea's LG Electronics plans to raise up to US$1 billion with dollar bonds: Report

The logo of South Korean multinational electronics company LG is displayed at the Collision conference in Toronto, Ontario, Canada, on Jun 23, 2022. SYDNEY: South Korea's LG Electronics is aiming to raise up to US$1 billion in a dollar bond deal, according to three sources with direct knowledge of the matter.

The company has mandated investment banks to work on a 3-year and 5-year dollar bond deal, according to a term sheet seen by Reuters on Thursday.LG Electronics did not have immediate comment. Initial price guidance for the 3-year bond was 135 basis points over 3 year Treasuries while for the 5-year bond, it was 150 basis points over 5 year Treasuries.

The company intends to use the cash raised from the 3-year bond for general operations, including investment, and refinancing maturing debt, the term sheet showed.LG Electronics said last year it plans to become a global top 10 company in vehicle components by more than doubling revenue to 20 trillion won by 2030. It also plans to strengthen its service platforms on its home appliance and TV businesses that generate recurring profits, such as media subscriptions and rentals.

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