HANJIN SELLS ASSET-BACKED SECURITIES
Hanjin Shipping Co., based in Seoul, said Tuesday it will raise $150 million by selling asset-backed securities.
'”We will use the proceeds to repay debt,” said Nah Hyun Kyun, Hanjin’s finance manager.
According to Bloomberg News, the company will sell one-month commercial paper yielding 105 basis points more than the London InterBank Offered Rate, quoted most recently at 6.61 percent, which it will roll over for three years. The securities will be backed by Hanjin’s receivables.
Hanjin recently agreed to the terms of a 25-year lease with the Port of Long Beach for a terminal facility covering 375 acres.