LG Chem to raise 1 tln won in bond sale

LG Chem Ltd., South Korea's top chemicals maker, said Tuesday it plans to raise as much as 1 trillion won (US$751.3 million) by selling bonds for use in investment in future growth engines and to repay maturing debts. The amount of the planned bond issuance has doubled from the 500 billion won it had initially considered, since it attracted 3.44 trillion won from institutional investors in a demand forecast, the company said. The proceeds will be used for investment in green products, battery materials and new drug development -- the three core areas of LG Chem's future growth drivers. The fixed interest rates will be finalized on March 5, the company said. Source: Yonhap News Agency