Hyundai plans W300b debt sale next month

Hyundai Motor Co. will raise 300 billion won ($240 million) by selling corporate bonds next month amid a growing coronavirus impact on vehicle sales, financial sources said Tuesday.

The company will hold the debt sale on May 8, with a maturity period of three to seven years, to secure operating capital, an investment bank official told Yonhap News Agency.

The debt issuance will be handled by Mirae Asset Daewoo, KB Securities Co. and NH Investment & Securities Co., the official said.

The maker of the Sonata sedan and the Palisade sport-utility vehicle has suspended most of its overseas plants, as governments demanded manufacturers temporarily suspend production until COVID-19 slows down.

Hyundai sold 300 billion won worth of corporate bonds with a five-year maturity in October 2016 to raise necessary funds. (Yonhap)