SK Innovation Co. is bumping this year’s first debt issue to 500 billion won ($455 billion) upon confirming overwhelming appetite for EV power-backed note.

The South Korean EV battery maker disclosed Thursday that it is issuing 500 billion won worth of debts in three tranches, instead of initially planned 300 billion won. The increase comes after it received bids of 2.17 trillion won during book-building session on the previous day.

The company will issue 250 billion won in three-year bonds, 160 billion in five-year maturity, and 90 billion in 10-year date. All are unsecured, and rated AA+ by Korea Ratings and AA by NICE Investors Service. They carry a coupon rate of 1.23 percent, 1.559 percent, and 2.042 percent, respectively.

The proceeds will be used refinance maturing debt. The book runners were Shinhan Investment and SK Securities.

By Choi Keun-do and Cho Jeehyun

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