LG Display talks $700 million five-year convertible bonds to yield 1%-1.5%, up 25%-30%

By Abigail W. Adams

Portland, Me., July 30 – LG Display Co. Ltd. plans to price $700 million of five-year convertible bonds at par with price talk for a coupon of 1% to 1.5% and an initial conversion premium of 25% to 30%, according to a market source.

BofA Securities Inc. and Morgan Stanley & Co. LLC are the joint bookrunners for the Regulation S offering.

The notes are non-callable for three years and then subject to a 130% hurdle. They are putable on Aug. 22, 2022 or upon a change of control.

They are being marketed with assumptions of a credit spread of 200 bps over Libor and a 35% vol., according to a market source.

LG Display is a Seoul, South Korea-based LCD panel maker.

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