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Hanwha Solutions Cuts Rights Offering Price to KRW 22,100 Per Share

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Chemicals company Hanwha Solutions (KRX:009830) has reduced its rights offering issuance price to 22,100 won per share from the initial provisional price of 27,900, reducing the total proceeds from 1.48 trillion won to 1.17 trillion won.

The firm will issue 53 million common shares through a rights offering followed by a public subscription for any unsubscribed shares, with joint lead underwriters including KB Securities, NH Investment & Securities, Korea Investment & Securities, and Daishin Securities.

Some 907.7 billion won of the proceeds will be allocated to facility investments, and another 263.6 billion won towards debt repayment, according to a bourse filing on Monday.

The subscription period for existing shareholders runs from July 22-23, and the company maintains its AA- credit rating with a negative outlook.

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