DAEJEON, Korea, Feb. 3, 2016 /PRNewswire/ -- Hanon Systems (KS:018880), a leading global provider of automotive thermal solutions, has issued bonds with a total value of KRW 300bil with maturities of three and five years.
This is Hanon Systems' largest bond issuance to date and the second since its placement on the Korea Exchange (KRX).
"This was a successful placement in the local market with favorable conditions for our company," said Thomas Bum Joon Kim, Hanon Systems chief financial officer. "We will continue to fulfill the market's demands through differentiated and eco-friendly thermal solutions, strong financial performance and securing growth in the fast changing automotive market."
Following the successful demand forecast of nearly KRW 920bil, which is nearly five times the originally intended amount of KRW 200bil, the company issued the bond increasing the amount by KRW 100bil. The company intends to use the raised debt to repay the maturing debt.
The rating agencies – KIS Rating and Korea Rating – continue to give Hanon Systems a long-term credit rating of AA0 (outlook stable), placing Hanon Systems' bonds in the high-quality "investment grade" category.
Lead arranger of the transaction is NH INVESTMENT & SECURITIES CO., LTD.
About Hanon Systems
Hanon Systems is a full-line supplier of automotive thermal management solutions. Products include heating ventilation and air conditioning; compressors; powertrain cooling; fluid transport; and electric, hybrid and fuel cell vehicle thermal systems. With 40 manufacturing sites supported by four global technical centers in 19 countries, the company employs more than 15,500 people. To learn more, visit hanonsystems.com.
SOURCE Hanon Systems