South Korea’s Doosan Heavy Industries & Construction Co. rated A- has raised a combined 100 billion won ($88.6 million) from local debt market to improve its balance sheet through refinancing in cheaper rates.

According to investment banks on Friday, the builder issued one-year bonds worth 50 billion won at annualized coupon of 3.70 percent in a private placement. The debt was underwritten by Dongbu Securities Co. In the previous week, it offered the same amount.

The bonds due last week had been raised at 4.40 percent. The bond maturing next month paid a coupon of 3.90 percent. This month’s debts were raised at slightly cheaper terms

In May, Doosan Heavy issued 500 billion won in bonds with warrants (BW) to finance its large-scale research and development projects. The offering drew overwhelming public subscriptions of 4.1 trillion won.

By Park Yun-gu

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