Posco to sell ¥41 billion five-year 0% exchangeables into SK Telecom

By Rebecca Melvin

New York, June 1 - Posco plans to price about ¥41 billion of five-year zero-coupon notes exchangeable into American Depositary Shares of SK Telecom Co. Ltd., according to a regulatory filing.

The bonds will be offered to investors in Europe and Asia and are expected to be listed on the Singapore Exchange.

Posco's board of directors resolved to issue the new paper on May 30.

Further details on the bonds such as bookrunners, redemption rights, and interest at maturity, was not available, according to the form 6-K filing with the Securities and Exchange Commission and market sources.

Posco issued a similar exchangeable in 2008 that was sold via lead managers ABN Amro, Citigroup, Deutsche Bank and Goldman Sachs.

The company is a South Korean steelmaker.

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