Chicago, April 30 – Kakao Corp. issued $212 million of 2.625% convertible bonds due 2029 at par, according to an offering document.
The bonds will be redeemable by the company starting May 13, 2027 subject to a 130% hurdle.
Bondholders have put rights on April 29, 2027.
UBS AG Hong Kong Branch was the manager.
Proceeds will be used for acquisitions and investments in other companies or business in the technology sector, and for general corporate purposes.
Kakao is a Korean-based mobile platform.
| Issuer: | Kakao Corp.
|
| Amount: | $212 million
|
| Issue: | Convertible bonds
|
| Maturity: | April 29, 2029
|
| Bookrunner: | UBS AG Hong Kong Branch
|
| Trustee: | Citicorp International Ltd.
|
| Counsel to issuer: | Paul Hastings LLP, Shin & Kim LLC
|
| Counsel to underwriters: | Linklaters LLP, Kim & Chang
|
| Coupon: | 2.625%
|
| Price: | Par
|
| Yield: | 2.625%
|
| Conversion price: | KRW 63,700 per share
|
| Call features: | Non-callable until May 13, 2027, then subject to 130% hurdle
|
| Change of control: | At par
|
| Puts: | At par on April 29, 2027
|
| Trade date: | April 22
|
| Settlement date: | April 29
|
| Distribution: | Regulation S
|
| Stock symbol: | KRX: 035720
|
| Stock price: | KRW 48,500 on April 29
|
| Market capitalization: | KRW 21.67 trillion
|
| ISIN: | XS2802119821
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